Nasdaq100 (NQ) Bounces Off Weekly Chart Downtrend Support
Nasdaq100 (NQ) Weekly/Daily/4hr
Nasdaq100 (NQZ22) is extending yesterday’s strong ~3% rebound, breaking above downchannel resistance (on the daily chart). NQ appears to be in the early stages of what will likely be a month long or so Dead Cat Bounce. Odds are moderately high for a test of the weekly chart downtrend resistance by November sometime. Any slide back below the last week’s fresh 2022 low (at ~61.8% Fib retrace of the April 2020 to November 2021 bull market extension) will probably have to wait until December. Watch for some healthy profittaking once NQ bumps against the October high, and triggered potentially by Thursday’s US Philly Fed manufacturing index. 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, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am looking to enter long in the green zone (of the daily chart), targeting the red 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, SILVER
Join the world's largest asset manager and 2 of the world's 5 largest (and 5 of the 10 largest) hedge funds by AUM as daily readers of Tradable Patterns' technical analysis. As seen on Bloomberg, Refinitiv, Factset and Interactive Brokers, readers include global top 10 investment banks. If you represent an institutional investor or potential distribution partner, write to firstname.lastname@example.org to request Bloomberg, Refinitiv and Factset readership reports. Also seen on FT (Financial Times), Interactive Brokers, ICE, Amazon, Zerohedge, CNA, Liquid (Quoine), Tradable Patterns publishes 4 newsletters: Today's Top 3 Trades, Equities & ETFs, Coffee Daily and Crypto Weekly Outlook.
Today's Top 3 Trades, Equities & ETFs, Coffee Daily, Crypto Weekly Outlook and all other Tradable Patterns content do not constitute an advisory and do not make recommendations, but can supplement your own analysis. Please do your own due diligence ahead of any trades.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.