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Nasdaq100 (NQ) Bounces Off Weekly Chart Downtrend Support

Tradable Patterns - Tue Oct 18, 2022

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

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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.