Nasdaq100 (NQ) Retesting 38.2% Fib Retrace of Aug-Oct Slide
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQ) is showing fatigue in its Dead Cat Bounce off the October low, sliding back to just above the 38.2% Fib retrace of the August to October slide. Odds are fairly low for NQ to extend higher within its Oct-Nov Dead Cat Bounce before the Xmas lull to the 61.8% Fib or the weekly chart downtrend/descending wedge resistance. Volatility will surge Friday with the US’ core PPI and PPI, and preliminary UoM consumer sentiment. 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 RSI, Stochastics and MACD are rallying or consolidating recent gains, weighed by the daily MACD which is trying to negatively cross. 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, RAW SUGAR
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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.
