News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
  • WTI Crude rebounds from intraday slide, turns positive for the session $CL_F #WTI #Oil https://t.co/XYgiTfcX27
  • #Oil Price Outlook: #Crude Breakout Eyes August Highs- $WTI Technicals - $USOil - https://t.co/i8YnZeqEx8 https://t.co/Yu5ySZ1cQb
  • While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit - its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD https://t.co/ZXbGJElXf6
  • RT @BrendanFaganFx: 74 counterparties take $1.147 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/9ouJNl8oYL
  • AUD/USD attempting to retrace some of its losses following this morning's US retail sales print $AUDUSD https://t.co/yWFEeszHtP
  • The US Dollar has spiked up to a fresh September high this morning on the back of a really strong retail sales report out of the US. Get your market update from @JStanleyFX here:https://t.co/Ve6TuQrMSS https://t.co/qx8BjQdn2Z
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/16/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/w262MKMg5c
  • Goldman Sachs upgrades Q3 GDP forecast to 4.5% from 3.5%
Nasdaq 100 Bullish Trend Remains Intact Despite Short-Term Pullback

Nasdaq 100 Bullish Trend Remains Intact Despite Short-Term Pullback

Margaret Yang, CFA, Strategist

NASDAQ 100 index Technical Forecast: BULLISH

  • The Nasdaq 100 index hit an all-time high of 12,635 before entering into a consolidative period
  • The index remains in an “Ascending Channel” despite some near-term turbulence
  • An immediate support level can be found at 12,240, holding above may pave way for further upside potential
Advertisement

The Nasdaq 100 index reached its all-time high of 12,635 on December 9th and entered a consolidative periodthereafter. The index appeared to have been temporarily overbought after surging more than 14% over the past five weeks, rendering it vulnerable to a technical pullback when profit-taking kicked in.

Recently, the Nasdaq 100 has formed an “Ascending Channel” (chart below) as it clawed back from deep single-day losses seen on November 9th. The index has also broken a key chart resistance level at 12,240, which it failed to breach on three attempts during the past few months. Breaking this level now may have opened the door for further upside potential with an eye on 12,623 – the 76.4% Fibonacci extension. Previous resistance levels, once broken, become new support levels.

The overall uptrend remains intact as suggested by ascending Simple Moving Average (SMA) lines as well as the Bollinger Bands. The index trended higher within its upper Bollinger Band, with the middle Bollinger line (also the 20-Day SMA) serving as an immediate support level.

Near-term momentum appears biased towards the downside, however, as the MACD indicator has likely formed a “Death Cross” on the daily chart. A deeper pullback below 12,240 may lead to further losses with an eye on 12,067 (38.2% Fibonacci extension) for support.

Nasdaq 100 Index – Daily Chart

NDX Chart

On the weekly basis, the Nasdaq 100 index registered an astonishing gain of 85% from the end March untill early December (chart below). The overall trend remains bullish-biased, with the recent consolidation potentially paving the way for higher highs. Both the 10- and 20-Week SMA lines are trending higher, suggesting that the medium-term bull trend remains intact.

The MACD indicator has likely diverged with prices, suggesting that upward momentum might be fading. Therefore, the index may see a bumpy road ahead towards the end of the year.

Nasdaq 100 Index – Weekly Chart

Nasdaq 100 Bullish Trend Remains Intact Despite Short-Term Pullback

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES