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Nasdaq100 (NQ) Nears 50% Fib Retrace of Nov'21-Oct'22 Slide

Tradable Patterns - Mon May 1, 11:25PM CDT

Nasdaq100 (NQ) Weekly/Daily/4hr

Nasdaq100 (NQM23) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April.  Odds are elevated for a retest this week, of 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 Before bears get excited, NQ will need a weekly close below ascending wedge support (on the weekly chart).  The next push higher could be triggered today 10am EST with the US JOLTS job openings, Wednesday after the US ADP non-farm employment change and US ISM services PMI, and the US FOMC statement, Federal Funds rate and FOMC press conference.  Volatility continues Thursday with the US unemployment claims, and Friday with the US’ average hourly earnings, Non-Farm Payrolls (NFP) and unemployment rate.  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 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, USDCHF

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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. For more information please view the Barchart Disclosure Policy here.