Nasdaq100 (NQ) Breaks Weekly Chart Descending Wedge Resistance
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQH23) is consolidating after yesterday’s massive 2% plus surge, but is likely to grind higher to the psychologically key 12k whole figure level and upchannel resistance (on the 4hr chart) in the next day or so. Odds are suddenly moderately high and increasing that yesterday’s break above the weekly chart descending wedge resistance ends the 2022 bear. Regardless of any healthy profittaking in the next day or so, NQ will likely retest the December high before month end. The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce, the Jan 18, 2022 warning of the NQ keeling over on a monthly chart, the alert February 18th, 2020 one day before the record high in the S&P500, warning of a pending slide in the Nasdaq100 and from the March 24th, 2020 report highlighting the looming multiday to multiweek rebound in NQ. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on S&P500, VIX
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