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Nasdaq100 (NQ) Tries Halting Slide to 2022 Low

Tradable Patterns - Mon Dec 19, 2022

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 last Tuesday’s fresh December high.  Nevertheless, any holding of the November low before Xmas will put a retest of descending wedge resistance (on the weekly chart) by early January into play.  Meanwhile, NQ is just a week or so’s volatility from retesting the 2022 low.  Watch for volatility Wednesday with the US’ CB consumer confidence data and Friday 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.  Except for the downsloping daily MACD, the weekly, daily and 4hr RSI, Stochastics are bottomish.  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, GBPAUD

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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.

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