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.

Free Trading Guides
EUR/USD
Bearish
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
USD/JPY
Mixed
Gold
Mixed
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • #USDollar May Rise if US #GDP Data, #TradeWar Risks Spook Markets https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2019/09/21/US-Dollar-May-Rise-if-US-GDP-Data-Trade-War-Risks-Spook-Markets.html
  • Asia #FX markets will be closely watching for developments in the ongoing China-led RCEP trade negotiations against the backdrop of slower global growth and rising protectionism. Get your market update from @ZabelinDimitri here: https://t.co/HZ8Loqj3Ey https://t.co/g332JcY549
  • What are trading journals? How can you create one and reduce your #FOMOintrading? Find out: https://t.co/0akgWbyJEw https://t.co/Xyy7rxZHip
  • 💷 $GBP British Pound Weekly Technical Outlook My latest take on Sterling price action as #Brexit risk comes back into scope. Commentary on the charts and implied volatility table included. More via @DailyFX ➡️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/21/gbp-to-usd-price-analysis-british-pound-eyes-rise-in-brexit-risk.html https://t.co/Hd6LAurfqG
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/SCHhCQhlFV
  • What are the common trading myths which can create #FOMOintrading? Find out: https://t.co/sDbOusCpzg
  • Walk through the new and improved IG Client Sentiment Data with @PeterHanksFX here: https://t.co/FTm5nXIAmq
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/Lk229DNh6n
  • Catch up with @JStanleyFX as he walks through some FX price action setups post-FOMC. Get your recap here: https://t.co/MD2PB33t0L
  • What is the @ecb (European Central Bank)? What are the key mandates of the bank and how can it affect the #forex market? Find out: https://t.co/romV4hPQJv https://t.co/4nlCaUNhpD
Nasdaq 100 Technical Forecast for the Week Ahead

Nasdaq 100 Technical Forecast for the Week Ahead

2019-09-04 21:00:00
Peter Hanks, Junior Analyst
Share:

Nasdaq 100 Forecast:

Nasdaq 100 Technical Forecast for the Week Ahead

The Nasdaq 100 enjoys a strong technical standing compared to its S&P 500 and Dow Jones counterparts but remains in a precarious position nonetheless. After its recent trough on August 5, the tech-heavy Index has posted a series of higher lows but has been unable to surmount resistance around the 7,775 level. Consequently, an ascending triangle – albeit gradually sloping - has formed. Typically viewed as a continuation pattern, the formation of the triangle could mean the Nasdaq is destined to expand upon the losses that created the trading pattern in the first place.

Nasdaq 100 Price Chart: 1 – Hour Time Frame (June – September)

Nasdaq 100 price chart

Although the NDX remains in a broader uptrend, the price action that resulted in the triangle was an abrupt and bearish move lower. Thus, the continuation signal could suggest the NDX is headed lower once more. Further, the repeated inability to break the 7,775 level does not speak to conviction amongst the bullish community. Given the height of the triangle at its origination, a break below could see the Nasdaq fall as much as 400 points which would conveniently coincide with the June low near the 6,950 area.

While there are undoubtedly arguments to be made for bullish bets, prolonged uncertainty on the fundamental side could see the Nasdaq slip and the S&P 500 and Dow Jones deepen their historically negative returns in September. In pursuit of predicting the next move, traders will devour information from Thursday's ISM services data and Friday’s US non-farm payroll report which could have serious implications if it reveals a weakening employment environment. In the meantime, follow @PeterHanksFX on Twitter for updates and technical analysis.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Gold Price Forecast: XAU/USD ETF Holdings Continue to Buoy Outlook

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

DISCLOSURES

News & Analysis at your fingertips.