Nasdaq100 (NQ) Tries Forming Another Dead Cat Bounce
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQH23) is consolidating Friday’s rebound back above the psychologically key 11k whole figure level. Odds are increasing for another month or so long Dead Cat Bounce to gain momentum in the next week, with a roughly equal likelihood of a testing by early February the weekly chart descending wedge resistance, as a sliding to the same wedge’s support in the same timeframe. Short covering may kick in as early as today 9am EST following US Fed Chair Powell’s comments, Thursday after the US CPI data and Friday following the UK GDP data and US preliminary UoM consumer sentiment data. Monitor as usual the Ukraine-Russia conflict. 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 and daily RSI, Stochastics are mostly bottomish or consolidating recent gains. 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, EURUSD
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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.
