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Nasdaq100 (NQ) Continues 3 Week Consolidation Near 2023 High

Tradable Patterns - Tue Apr 25, 2:05AM CDT

Nasdaq100 (NQ) Weekly/Daily/4hr

Nasdaq100 (NQM23) is struggling to extend a Bull Flag near the 2023 high (formed in April).  With NQ just above the 38.2% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com), NQ is appearing increasingly unlikely to muster enough upward momentum in its rally off the October low to make a final push by May sometime to upchannel resistance (on the weekly chart).  Before bears get excited, NQ will need to break below upchannel support (on the weekly chart).  Watch for volatility today 10am EST following the US CB consumer confidence, Thursday with the US GDP and unemployment claims and Friday 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 multi­day to multi­week rebound in NQ.  The tiring weekly RSI and Stochastics are weighing on the still upsloping weekly MACD. 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, NATURAL GAS

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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.