NASDAQ100: Complete Multi Time Frame Analysis (H, D, W)!
Hello traders and investors! Let’s see how the NDX is playing today!
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It opened above the 14,050 today, and it quickly lost it, just to hit the 61.8% Fibonacci’s Retracement. Now, it is doing an impressive bullish reaction, and it seems the index is about to retest its All Time High again.
The 21 ema is useless during congestions, so, we are not going to rely on that anymore, and we should only focus on support and resistance levels now.
The daily chart may give us more clues:
Since the SPX and the DJI are both doing some fantastic movements as well, there’s a good chance the NDX will follow them and break the ATH.
However, without taking in consideration the other indices, it is easy to say the tech index is inside a congestion in the mid-term. It is doing many erratic movements between the ATH and the green line at the 13,700 area.
Now I see the 21 ema and the 13,700 as a floor for the index, and pullbacks to this area would be opportunities to buy. Now, let’s see the weekly chart.
The index is having a hard time trying to break the pivot point at 13,879. In the worst-case scenario, the index would correct to the 21 ema in the weekly chart, if it loses the 13,700 in the daily chart. I’m not working with this scenario, as historically speaking, the NDX keeps several months without retesting its 21 ema.
To sum up, it seems the index is more bullish than bearish, but it is quite erratic in the short-term. Pullbacks to the 13,700 would be opportunities, and in the worst-case scenario, it would seek the 21 ema in the weekly chart.
If you liked this analysis, remember to follow me to keep in touch with my daily studies. And please, support this idea if it helped you!
Thank you very much.
• A QUICK MESSAGE: Next Monday, I invite you to join me in our next stream! One hour before the market closes (3 p.m. NY time). Check this link: tradingview.com/streams/9l330UJdaCnBml-4PKJIB/
It opened above the 14,050 today, and it quickly lost it, just to hit the 61.8% Fibonacci’s Retracement. Now, it is doing an impressive bullish reaction, and it seems the index is about to retest its All Time High again.
The 21 ema is useless during congestions, so, we are not going to rely on that anymore, and we should only focus on support and resistance levels now.
The daily chart may give us more clues:
Since the SPX and the DJI are both doing some fantastic movements as well, there’s a good chance the NDX will follow them and break the ATH.
However, without taking in consideration the other indices, it is easy to say the tech index is inside a congestion in the mid-term. It is doing many erratic movements between the ATH and the green line at the 13,700 area.
Now I see the 21 ema and the 13,700 as a floor for the index, and pullbacks to this area would be opportunities to buy. Now, let’s see the weekly chart.
The index is having a hard time trying to break the pivot point at 13,879. In the worst-case scenario, the index would correct to the 21 ema in the weekly chart, if it loses the 13,700 in the daily chart. I’m not working with this scenario, as historically speaking, the NDX keeps several months without retesting its 21 ema.
To sum up, it seems the index is more bullish than bearish, but it is quite erratic in the short-term. Pullbacks to the 13,700 would be opportunities, and in the worst-case scenario, it would seek the 21 ema in the weekly chart.
If you liked this analysis, remember to follow me to keep in touch with my daily studies. And please, support this idea if it helped you!
Thank you very much.
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