Nasdaq100 (NQ) Daily MACD Tries Positively Crossing
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQM23) is consolidating after surging more than 2.5% yesterday, and is trying to complete its 4th straight weekly Hammer or Doji. NQ is arguably back in the advanced stages of a Bull Flag near the 2023 high (formed in April), where it appears to be gearing up to retest in May, the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com). Before bears get excited, NQ will need a weekly close below ascending wedge support (on the weekly chart). Watch for volatility today 830am EST with the US core PCE price index and employment cost index data. 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 multiÂday to multiÂweek rebound in NQ. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am going to stay on the sidelines for now, waiting for an exhaustion in the rally since the October low before going short. Click here for analysis on S&P500, GOLD
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