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NDQ100: Thoughts and analysisToday's focus: NDX100 Nasdaq Pattern – Higher lower support point (LH Inc) Support – 15,320 - 14,690 Resistance – 15,520 – 15,822 Thanks for checking out today's update. Today, we have run over the NDX100 on the daily chart. We have started with the overall picture and worked our way into the current short-term perspective with things we are watching and levels we view as important. Over the subsequent few sessions, we feel that 15,520 support is key for buyers, and we would like to see them not only hold that area but form a rally that can retest 15,320 resistance. A break could get the short-term trend back up and running, but a good close below that support level could suggest the up trend could be in danger, and we may even see a new move back down to test 14,690 if sellers can really get going. Have a great day and good trading.
EIGHTCAP:NDQ100
by Eightcap
NASDAQ Forming Head and Shoulders ReversalNASDAQ Daily *Note: This is an update to our previous analysis that will be linked below Price Chart The NDX is currently trading within an upward channel (Yellow Solids), and has recently tested the bottom trend line a fourth time; the more price retests it the weaker it becomes. This has also formed what could be the neckline (Teal / Red Solid) to a head and shoulders setup and has pushed the price past the mid-point (Teal Dotted) of the double top; which would also be the head. EMA's on the other hand have failed to cross lower with the 12-day and 26-day recrossing higher. Also notable is the spike in selling pressure on July 21; which is the same area the NDX is currently trading. Relative Strength Indicator There is a divergence (Teal Solid) from the price which lead to the trend line (Yellow Solid) breaking and the RSI dipping below the 50 level. The RSI has since recovered, however it's re approaching the trend line for a retest. On Balance Volume Similarly to the RSI, the OBV has also shown a divergence from the price and moved lower past the mid-point (Teal Dotted) in the double top. After a bounce at the support (Red Solid) the indicator is moving higher to retest the mid-point. TLDR; The market is showing strength, but a head and shoulders pattern is possibly forming as outlined above. RSI and OBV are both signaling higher, however, the indicators are nearing a trend line retest and level of resistance respectively. If price action moves past the head then we have an invalidation, but look for lower buying volume in the beginning of September to signal the formation of the shoulder. What Seems Legit? Um, not our portfolio if Mr. Market keeps running away from our targets; the market has been on a tear since the reversal in Dec / Jan. I mean, how many times have you heard those Bloomberg boys on the radio be like "omg markut go zhoom moar! wuuuuut?!", then the analyst comes on and is like "OH YEA NO U GOTTA DEPLOY CASH HERE I MEAN U CANT SIT ON THE SIDELINES LIKE WE CALLED THE BOTTOM AND NAO U GOTTA BAI". Layin' it on a little thick, text book transfer of wealth. Let's see if we get that head and shoulders. Follow us on Twitter for memes, market moves, and not so headline news. Chart Key Yellow Solid = Major Trend Line / Channel Red Solid = Support / Resistance Teal / Red Solid = H&S Neck Line Aqua Solid = Divergences Teal Dotted = Midpoint Resistance White Dotted = Invalidation of H&S Green Boxes = Supports / Target Areas
NASDAQ:NDXShort
by Seems_Legit_Research
NASDAQ Heading Lower For Longer (1D)NASDAQ Daily Price Chart We have quite a bit going on here so, pitter patter lets get at 'er. First, we have our second fake out (Highlighted) on the major trend line (Yellow Solid) which is accompanied by less buying volume than the first. EMA's have not crossed yet however we have a solid close below the 50-day and a legit cross of the 12-day and 26-day indicating a change in direction. We're getting the bounce we thought we might (Teal Dotted), which was outlined in the Weekly analysis that will be linked below, and should max out at the top teal dotted line if it pushes past the EMAs; This will be dependent on Nvidia earnings since it's so heavily weighted on the Index. After it begins to come down the first target of support (Green Box) aligns with the 200-day EMA, so that's definitely in play and will most likely see a decent bounce from there. Relative Strength Indicator Most notable here is the bearish divergence (Aqua Solid) that played out in the previous months and lead to a break in the major trend line. This lead to a small retest and the beginning of a bounce on the line of support (Teal Dotted). From here we likely see a retest of the 50 level to accompany the bounce and a rejection to downside to confirm our analysis. On Balance Volume Similarly to the RSI there was also bearish divergence that played out from previous months that lead to change in the direction of the OBV. The major level of support, or midpoint of the double top, was broken and confirmed the change in direction; This lead to the major trend line on this indicator also snapping. Most recently we've seen the beginning of a bounce on a line of support, which will most likely lead to a retest of the major trend line before resuming it's downward movement. Our target here aligns with another major trend line (Faded Yellow Solid) and the target support (Green Box). TLDR; Bro u pittur pattured moar thn u gat @ hur. Yea, well, we're in the business of pittering and the pattering is good. Price action is showing weakness and we're beginning get a small bounce at the second fake out break out of the major trend line; NVDA earnings will determine the height of it. The 12-day / 26-day EMA's actually crossed this time and there's been a solid close below the 50-day. RSI and OBV both show bearish divergences that have played out and confirmed the change in direction; both indicators are also showing a bounce at outlined supports before downward momentum resumes. Current targets are the green boxes. What Seems Legit? We bounce from excitement into Nvidia earnings; This seems to big one of the largest earnings calls in awhile, so you know big brain bets have already been placed, no one is showing up fashionably late for this. Earnings come out and the market either goes nuts, or has lackluster performance (our guess) into Friday where our overlords seal the deal for lower price movement. Chart Key Yellow Solid = Major Trend Line Red Solid = Major Support Aqua Solid = Divergences Teal Dotted = Support / Bounce Area Red Box = Major Resistance Green Boxes = Supports / Target Areas
NASDAQ:NDXShort
by Seems_Legit_Research
NASDAQ Moving LowerLooks as if a double top has formed after the recent melt up and a secondary trendline has been broken (solid yellow). Used RSI and OBV here to show the deviation from the price action solid red). The current trendline of the RSI has broken down and has bounced lower off the 50 level while the OBV sits right on it's current trendline. Price action has seemingly failed to make a higher high and is accompanied by higher recent selling volume. Current support levels are shown as dashed lines (yellow to red) With the red box being the strongest support and current target. The Short Term - Looks as if we return to the primary trendline of the melt up (teal solid) to see if we get a breakout or a fake out. Mom's allowance money for this week says we make that move lower due to the above analysis and since RSI was rejected off the 50 level. The Long Term - Shows price action moving back towards and testing the 200-day MA with the battle between the 50-day and 200-day to follow afterwards. Death cross = doom and gloom, bounce = hao in the NHL did u guise pull ths off? TDLR; Bearish Deviations - Price action moves down to the teal solid line then towards the 200-day MA. Red box is the current target. Stay tuned to see how mad mom gets if the market takes our allowance money. None of this was meant to be financial advice, but still seems pretty legit
CME_MINI:NQ1!Short
by Seems_Legit_Research
NASDAQ Elliott Wave Analysis Higher Timeframe (29/07/2023)In the weekly, the NASDAQ looks bullish and might be preparing for a Wave III to the upside. However, the minimum requirements for a Wave II to the downside were not fulfilled. As long as we do not take out the Wave I high, it could be that we still make a new low as a Wave II. In the daily and 4h, it looks like the upward structure as a wave (3) might finish soon. Investors should wait for a good pullback before buying again. Currently, as an investor, we are in an area to take profit.
OANDA:NAS100USD
by AndyCuckoo