Nasdaq100 (NQ) Weekly/Daily/4hr

Nasdaq100 (NQH23)’s Dead Cat Bounce (off the October low) is all but over, but is trying to hold the 2022 low going into year end.  Nevertheless, NQ appears less likely to bounce back by early January to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low.  Watch for potentially sharp volatility in this holiday-shortened week with lower liquidity.  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 MACD is trying to negatively cross, weighing on the bottomish weekly RSI and Stochastics.  I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Tuesday.  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’re enjoying the holiday season!  Click here for analysis on S&P500, SILVER

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