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Nasdaq100

What's going on with QQQ and Tech?Here is what I have been tracking with my technical analysis. What we saw since the end of July is the AI bubble losing its momentum. What happened? You can see on June 24th where price gaps up above the long-standing blue trading channel from 2009 that contained trading from 2009 until the 2020 bubble. You can see it gap down back into the blue channel on July 24th. It found some support on the mid-line of the longer running black channel from 2009 that includes the covid bubble peak. Then we got a test of the blue channel resistance on August 1st with a very strong rejection. Then the bottom dropped out to break below the AI rally purple channel. Where are we now? The morning open on Monday saw a test of the red trend line with a strong rally to back above the 200. We saw a test of the previous purple channel with a high wick on Tuesday. Today (Wednesday) saw a strong rejection of the channel, where it looks like support has now become resistance. We saw the high wick touch the orange price line around $449. The good news is that the 200-day SMA is showing support again. Where are we going (this is my guess)? It looks like the market is trapped between a rock and a hard place. I think the 200 day and the red trend line are going to give QQQ support as long as there are no other panics. It is unlikely that the AI momentum will be coming back either. I think it is going to drift sideways for a few days before picking a direction. This means it may bounce up and down between the purple channel and the 200-day into next week. You can see the red down channel that has now formed. If we do get a counter rally then I would expect it to stay inside the channel. That would leave us with a potential another leg down. The RSI is only a little into the oversold range. How far? My guess would be either the red trend line again, or maybe even farther to the center of the blue channel. We get down that low, then I have a bunch of cash to go long. I just can't see why QQQ would rally back to ATH now. There is way too much uncertainty now, but markets are irrational. I could see QQQ working back up the underside of the purple channel until the end of the year, with a lot of up and down action. I really do think that there is a bigger pullback sometime in the next several months. The market is just running close to the top of the decade plus trading channel and the AI bubble may finally become deflating some. I believe that we will see a touch of the center line of the blue channel in the next few months, which could be Nov or Dec time frame. That will give us a lot more room to rally and make some good money.
NASDAQ:QQQ
by Dr_Roboto
2
Nasdaq Composite Index: A Ray of HopeNasdaq Composite Index: A Ray of Hope On July 31, we noted that the Nasdaq Composite Index (US Tech 100 mini on FXOpen) had reached significant support, highlighting trendline A and warning of potential volatility spikes due to fundamental news from the Federal Reserve and earnings season. Since then, the price of the Nasdaq Composite Index (US Tech 100 mini on FXOpen): → Jumped to the 19540 level; → But encountered resistance there (indicated by an arrow), as this was previous support; → And returned to trendline A. Thus, we have an argument that can be interpreted as the bulls' inability to resume the upward trend. The bears seized the opportunity to take control and break below trendline A on August 2. Contributing factors included: → The decline in the Japanese stock market, which we wrote about yesterday. It is possible that the extremely strong sell-off of Japanese company shares affected sentiments in the US. → Increasing talks of a recession due to very weak US labour market data (published on Friday, which we also covered yesterday). At the low point yesterday, the Nasdaq Composite Index (US Tech 100 mini on FXOpen) dropped by 7% from Friday's close. Of course, this isn't comparable to March 16, 2020, when the index fell by 12.32%, or October 19, 1987 (known as "Black Monday"), when it dropped by 11.35%. Nonetheless, the mood was grim – as CNBC reports, the stock market had its worst day in about two years. The RSI index fell to the oversold boundary. But not all is bleak. Technical analysis of the Nasdaq Composite Index (US Tech 100 mini on FXOpen) chart shows that: → The price is near line B, which is drawn parallel to line A at a distance equal to the height of the previous channel. → And this line B shows signs of support – by Monday's close, the bulls managed to reclaim almost all the progress made by the bears since the start of the session. → Yesterday's candlestick forms a "Hammer" pattern, which is a reversal pattern appearing after a decline and suggests seller capitulation and a potential upward reversal. → In the background is the important April low around the psychological level of 17k. According to CandleScanner's research on the US stock market over 20 years, this pattern failed in about 21% of cases. Therefore, signs of weakening selling pressure will indicate that this time the pattern, appearing near line B, may be effective. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:NDQM
by FXOpen
2
The US index has been declining for three weeks. What's ahead?S&P 500 After the Cup & Handle pattern breakout, the market surged to nearly 5,670, setting a new record high. Since then, the index has been on a downward trend for the last three weeks, forming the Three Black Crows chart pattern, signaling a bearish outlook. With the current market conditions, it is expected that potential support will be around the 4,400-4,500 level. Nasdaq 100 The US tech index has experienced a significant increase in momentum and achieved a respectable gain over the last 8-9 months. However, the index encountered a strong resistance near the 20,700 level, which is its all-time high. With three consecutive weeks of decline, the index appears to be in a weakened state and may revisit the 15,500-15,600 level for support before rebounding.
SP:SPX
by NaranjCapital
NASDAQ ~ US100 NASDAQ100 Prediction: Potential Return to Buy Area Based on recent market analysis, the NASDAQ100 appears to be forming a pattern of lower lows and lower highs. Considering various technical factors, it seems likely that the index will make another attempt to reach the buy area. Over the past few weeks, there have been gaps that remain unfilled and liquidity that needs to be collected. This confluence of signals suggests a potential move upwards in the near term. Traders should watch for key support levels and be prepared for potential bullish opportunities as the market seeks to correct and fill these gaps. Take profit 1 - 19450-19500 Area Take profit 2 - 19650-19700 Area
CAPITALCOM:US100Long
by shmtcharts
1
Nasdaq Composite Index Reaches Key SupportNasdaq Composite Index Reaches Key Support Important news days are ahead, with high volatility likely in the US stock markets. The Federal Open Market Committee (FOMC) will announce its monetary policy decision today at 21:00 GMT+3. Wall Street expects the FOMC to keep the rate unchanged at 5.25%. Traders will then analyse Fed Chair Jerome Powell's speech at 21:30 GMT+3 to assess the likelihood of a quarter-point rate cut in mid-September, as they anticipate. In addition to this key news: → ADP will release its National Employment Report for July at 15:15 GMT+3 today. According to ForexFactory, analysts expect an increase of 146,000 jobs (excluding the agricultural sector) for the month. → The Institute for Supply Management will publish its Chicago Business Barometer for July today. The National Association of Realtors will release real estate market news. → Major companies are reporting their second-quarter results, including Meta (report due on 31 July), Apple, and Amazon (1 August). Given that the Nasdaq Composite Index (US Tech 100 mini on FXOpen) has fallen more than 8% since 11 July, market participants might be wary of the downward trend continuing. However, the chart offers some hope for bulls. According to technical analysis of the Nasdaq Composite Index (US Tech 100 mini on FXOpen): → The price is near the lower boundary of the ascending channel (shown in blue), which may act as support. → The price is close to the 18,600 level, from which the rally to historical highs began (shown with black lines). Bulls might draw strength from this level. → The chart shows two lows (indicated with arrows). On the second low, the price broke the first and sharply recovered, indicating aggressive demand. Adding almost any oscillator to the chart would show a bullish divergence. In the best-case scenario for investors, the upcoming events might halt the negative trend of the second half of July, and the Nasdaq Composite (US Tech 100 mini on FXOpen) might even attempt to resume the uptrend within the blue channel (as seen in April-May). This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:NDQM
by FXOpen
2
Nasdaq could test the broken neck line levelLast week, the Nasdaq broke below the neckline of a head and shoulders (H&S) pattern, which took over a month to form. The price quickly accelerated to the downside, dropping almost 800 points. However, once the price approached the rising trend line of the channel (a channel that has kept the price elevated for the past nine months), buyers entered the market, and now the Nasdaq 100 is trading back above 19,000. This recovery could continue in the coming days, and a test of the broken support level is likely. Looking further ahead to the medium term, if the price reverses from that level and drops below 19,000 once more, a break below the support line of the channel becomes probable, potentially leading to a deep correction. For now though, as long as 18,700 remains intact, the bulls hold the upper hand.
PEPPERSTONE:NAS100Long
by Mihai_Iacob
1
US Banks & Financial Sectors are ready for another fabulous riseNasdaq Banks The bank index has been on a rollercoaster ride, witnessing numerous price fluctuations. Following the breakout of the double bottom pattern, the index surged and formed a Rising Wedge pattern. However, once the pattern broke downwards, the bank index experienced a significant decline. Upon hitting a support level around 2,650, the index established a Double Bottom pattern, signaling a potential trend reversal. Subsequent to the breakout above the neckline, the bank index began consolidating within a tight range. Most recently, another breakout has occurred, setting the stage for a potential upward rally. S&P 500 Financials After the market crash in 2020, the index fell into an oversold zone and stayed in a period of consolidation within an Ascending Triangle formation. Following this breakout, the financial index experienced a strong rally to the upside. However, it struggled to break above the 700 level and began to decline. Subsequently, the index went through a lengthy consolidation inside a Box formation. After another breakthrough, the index surged once more and created a bullish Pole & Flag pattern. With a recent breakout, the financial index is poised for another upswing.
NASDAQ:BANKLong
by NaranjCapital
VIX 20 years Later !What will fuel this next Bull Market? #AI and exponential gains in productivity seem like a fair bet. The technology won't manifest properly in the next few years of course. But the speculation and new companies will. 20 years ago we saw the trendline of the #VIX break coming out of 9/11 and right around the time of the Iraq war Military spending, Lowering of rates, a Housing boom , and the rise of Google and culminating in the iphone. Seems eerily similar to the current #macro environment
TVC:VIXShort
by BallaJi
1
Nasdaq Composite: Worst Session Since Late 2022Nasdaq Composite: Worst Session Since Late 2022 As indicated by the Nasdaq Composite chart (US Tech 100 mini on FXOpen), yesterday's decline was -2.62% in a single session. Thus, tech stocks experienced the sharpest drop since late 2022, with around 75% of companies in the Nasdaq Composite index closing in the red. Alphabet (GOOG) shares, the parent company of Google, fell by 4.9% due to higher-than-expected AI expenses and disappointing YouTube advertising revenues. Tesla (TSLA) shares dropped by 12% due to a 7% decline in automotive revenue, missed earnings, and delays in the Robotaxi project. Chipmaker stocks also suffered losses. What is the reason for the Nasdaq Composite (US Tech 100 mini on FXOpen) price decline? According to Business Insider, renowned Wall Street investor Ed Yardeni believes that: → Major market players started exiting tech stocks on July 11, as news of low inflation motivated them to rotate and shift capital into stocks sensitive to the anticipated interest rate cuts; → The stock market is overbought and undergoing a minor correction. Technical analysis of the Nasdaq Composite (US Tech 100 mini on FXOpen) chart provides more details: → The price has been in an uptrend in 2024 (shown in blue) but made a bearish reversal from the upper boundary in mid-July. This week, it aggressively moved down with wide bearish candles into the lower half of the channel; → The lower boundary of the channel and the support level at 18920 (in effect at the beginning of June) form a block that bulls are pinning their hopes on. If the stock market is indeed experiencing a minor sell-off to move out of an overbought state, this support block might act as a brake and slow down the pace of the Nasdaq Composite (US Tech 100 mini on FXOpen) price decline observed this week. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:NDQM
by FXOpen
2