Nasdaq100 (NQ) Weekly/Daily/4hr

Nasdaq100 (NQZ22) is trying to firm and bounce off downchannel support (on the daily chart) but remains vulnerable to testing the 2022 low before the weekend.  Regardless of any bounce off the June low or the psychologically key 11k whole figure level going into next week, NQ appears ready to extend its weekly chart downchannel in October.  With NQ back below the 50% Fib retrace of the March 2020 to November 2021 bull market extension, odds are elevated for a slide to the 61.8% Fib (@ ~10500) in the next month.  A rebound off downchannel support (on the daily chart) could occur first though as early as today following the 730am EST comments from Fed Chair Powell, the 10am EST release of US CB consumer confidence data and Friday’s US core PCE price index release.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to Premium Subscribers who benefited from 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 MACD is trying to negatively cross, weighing on the early stage bottomish weekly RSI and Stochastics.  I am going to stay on the sidelines and will look to enter short on exhaustion of any week plus bounce.  Click here for analysis on S&P500, WHEAT

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