Nasdaq100 (NQ) Weekly MACD Tries Negatively Crossing
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQH23)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from the December high to near the 2022 low. NQ appears less likely to bounce back before year end to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low. Watch for volatility today at 830am EST with the US’ core PCE price index. 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 negatively sloping weekly Stochastics and MACD are weighing on the bottomish weekly RSI. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Thursday. 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). Hope you have a Merry Christmas and fantastic holiday season! Click here for analysis on S&P500, USDJPY
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
