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
More View more
Real Time News
  • $ARKK down to a fresh three month low but finding some support on this confluent fibo level. If the rates theme continues could add more pressure here https://t.co/vfi4AHZKHd
  • tech side of the $USD forecast already starting to fill in with today's bullish breakout 😎 https://t.co/vHVn9WtWKX
  • I just finished my USD 4Q fundamental forecast with @JStanleyFX (who did the techs) at the end of last week. Today certainly jazzes up my assessment
  • The S&P 500 has opened with a sharp gap lower while the Dollar pushes an 11 month high. DailyFX's @JohnKicklighter talks about volatility, debt limits, and Fed forecasts! https://t.co/xNr8VZi1SC
  • $SPX trying to hold support after failing at resistance yday $SPY $ES currently about 4% off of the all time high https://t.co/uo5ohs01UU
  • Nasdaq tumbles 2% $NDX
  • The ICE's trade-weighted $DXY Dollar Index is at an 11 month high today. Notably, its largest component - $EURUSD - has not slipped the August low https://t.co/RbkyJVC2Oq
  • Stocks extend fall, Dow Jones down 1% following worse-than-expected US Consumer Confidence #trading $DJIA
  • Big enough disappointment to heap onto the risk aversion but not bad enough to restart speculation of a delayed November taper from the FOMC. Net net, further bearish pressure on $SPX https://t.co/oprOLVTdQX
  • The $SPX has opened today with its biggest bearish gap since last Monday's tumble. Officially squashes the recovery momentum and now we are more balanced in facing fundamental event risk - bullish or bearish https://t.co/hW5U62hWez
Nasdaq 100 Index Forecast: Aiming at Breakout to Test All-Time Highs

Nasdaq 100 Index Forecast: Aiming at Breakout to Test All-Time Highs

Margaret Yang, CFA, Strategist

Nasdaq 100 index Technical Forecast: Bullish

  • The Nasdaq 100 index is attempting to breach an immediate resistance level at 14,950
  • The overall trend remains bullish-biased, strengthening the case for a successful breakout
  • The MACD indicator formed a bearish crossover however, pointing to weakening upward momentum
Nasdaq 100 Chart

Chart by TradingView

The Nasdaq 100 index extended higher towards the weekend, aiming to breach an immediate resistance level at 14,950 – the 261.8% Fibonacci extension. A successful try may pave the way for prices to penetrate further into record territory. A failed attempt however, may lead to a pullback with an eye on the 20-day SMA line for support.

The MACD indicator retreated from recent highs and has formed a bearish crossover, suggesting that upward momentum may be weakening. The Nasdaq 100 registered an eye-watering gain of 15% over the last two months, rendering it susceptible to a technical pullback when profit-taking kicks in.

The index is facing perhaps a “reality check” this week because the majority of the FAANG companies are releasing Q2 results. Earnings optimism means that the margin for error may be thin, and the pandemic winners may see their revenue growth slowing due to the resumption of outdoor activity and economic reopening.

The overall trend remains bullish-biased for the Nasdaq 100 and other major US indices, with prices having formed consecutive higher highs and higher lows over the past few months. A busy earnings calendar and the FOMC meeting may set the tone for trading in the coming week.

--- 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