#WaveAnalysis
#Nasdaq100 reversed from support level 12815.00
• Likely to test resistance level 13600.00
https://fxpro.news/market-snapshots/nasdaq-100-wave-analysis-2-february-2021-20210202/
#Nasdaq100 reversed from support level 12815.00
• Likely to test resistance level 13600.00
https://fxpro.news/market-snapshots/nasdaq-100-wave-analysis-2-february-2021-20210202/
#Nasdaq100 broke resistance area
• Likely to rise to resistance level 15750.00
Nasdaq-100 index recently broke the resistance area lying between the round resistance level 15000.00 (which stopped the previous impulse wave (i) at the start of October) and the 50% Fibonacci correction of the ABC correction 4 impulse from the start of September.
The breakout of this resistance area accelerated the active impulse wave (iii), which belongs to the higher-level impulse waves 3 and (3).
Nasdaq-100 index can be expected to rise further toward the next resistance level 15750.00 (target price for the completion of the active impulse wave (iii)).
• Likely to rise to resistance level 15750.00
Nasdaq-100 index recently broke the resistance area lying between the round resistance level 15000.00 (which stopped the previous impulse wave (i) at the start of October) and the 50% Fibonacci correction of the ABC correction 4 impulse from the start of September.
The breakout of this resistance area accelerated the active impulse wave (iii), which belongs to the higher-level impulse waves 3 and (3).
Nasdaq-100 index can be expected to rise further toward the next resistance level 15750.00 (target price for the completion of the active impulse wave (iii)).
#WaveAnalysis
#Nasdaq100 reversed from key support level 10700.00
• Likely to rise to resistance level 11400.00
Nasdaq 100 index recently reversed up from the key support level 10700.00 (which has been repeatedly reversing the price from the middle of October).
The upward reversal from the support level 10700.00 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the strength of the support level 10700.00, Nasdaq 100 can be expected to rise further toward the next resistance level 11400.00 (former strong support from the November and December).
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#Nasdaq100 reversed from key support level 10700.00
• Likely to rise to resistance level 11400.00
Nasdaq 100 index recently reversed up from the key support level 10700.00 (which has been repeatedly reversing the price from the middle of October).
The upward reversal from the support level 10700.00 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the strength of the support level 10700.00, Nasdaq 100 can be expected to rise further toward the next resistance level 11400.00 (former strong support from the November and December).
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The heavy reliance of #Nasdaq100 on inflation and a set of significant key levels makes us watch the Nasdaq100 closely today and in the week with double attention.
After managing to turn to the upside at the end of last week, the Nasdaq100 index has added an impressive 3.3% since the beginning of the week, rising to 11,400. The latest increase brought the market to another attempt to reverse the downtrend. The inflation data coming out on Thursday, which has become the primary economic market mover in recent months, is set up so that we may see the outcome of this battle in the coming hours.
The Nasdaq100 received clear support on dips to the 10,700-area last October and December. From about the same levels, the rally in September 2020 started. Thus, the bulls defended basic levels, which is not enough to start a new rally.
Despite the "double bottom", the Nasdaq100 maintained a sequence of declining highs, and the sellers brutally crushed the attempt of the market to rewrite the local highs in December.
After managing to turn to the upside at the end of last week, the Nasdaq100 index has added an impressive 3.3% since the beginning of the week, rising to 11,400. The latest increase brought the market to another attempt to reverse the downtrend. The inflation data coming out on Thursday, which has become the primary economic market mover in recent months, is set up so that we may see the outcome of this battle in the coming hours.
The Nasdaq100 received clear support on dips to the 10,700-area last October and December. From about the same levels, the rally in September 2020 started. Thus, the bulls defended basic levels, which is not enough to start a new rally.
Despite the "double bottom", the Nasdaq100 maintained a sequence of declining highs, and the sellers brutally crushed the attempt of the market to rewrite the local highs in December.
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A bullish picture is forming on the #Nasdaq100, suggesting that we see the beginning of a bull market and not just a rally in a bear market. If the index can close above 12000 by the end of next week, it would pave the way for 13000 by the end of the first quarter and 13600 by the end of the year.
Last week the index closed above the most important long-term trend line (200-week moving average). The price was also above the downside resistance line, which the index had reversed several times last year.
These long-term signals looked rather weak as the move was very formal. But this week, the rally has continued, confirming buyers’ confidence at current levels.
Moreover, yesterday the Nasdaq100 closed above its 200-day moving average, further confirming the long-term trend reversal. As with last week's close, the excess is nominal, leaving room for doubt.
Last week the index closed above the most important long-term trend line (200-week moving average). The price was also above the downside resistance line, which the index had reversed several times last year.
These long-term signals looked rather weak as the move was very formal. But this week, the rally has continued, confirming buyers’ confidence at current levels.
Moreover, yesterday the Nasdaq100 closed above its 200-day moving average, further confirming the long-term trend reversal. As with last week's close, the excess is nominal, leaving room for doubt.
#WaveAnalysis
#Nasdaq100 broke pivotal support level 12235.00
• Likely to fall to support level 12000.00
Nasdaq-100 recently broke the pivotal support level 12235.00 (former strong resistance from December) intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse from January.
The breakout of the support level 12235.00 was preceded by the breakout of the sharp daily up channel from January – which accelerated the active impulse wave 1.
Nasdaq-100 can be expected to fall further toward the next round support level 12000.00 (target for the completion of the active impulse wave (iii)).
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#Nasdaq100 broke pivotal support level 12235.00
• Likely to fall to support level 12000.00
Nasdaq-100 recently broke the pivotal support level 12235.00 (former strong resistance from December) intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse from January.
The breakout of the support level 12235.00 was preceded by the breakout of the sharp daily up channel from January – which accelerated the active impulse wave 1.
Nasdaq-100 can be expected to fall further toward the next round support level 12000.00 (target for the completion of the active impulse wave (iii)).
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#WaveAnalysis
#Nasdaq100 broke resistance area
• Likely to rise to resistance level 13400.00
Nasdaq100 index recently broke the resistance area located between the resistance levels 12885.00 (which has been reversing the price from the start of February) and 13160.00
The breakout of this resistance area accelerated the active impulse wave 3 of the intermediate impulse wave (C) from last month.
Given the clear daily uptrend, Nasdaq-100 index can then be expected to rise further toward the next resistance level 13400.00 (target price for the completion of the active impulse wave 3).
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#Nasdaq100 broke resistance area
• Likely to rise to resistance level 13400.00
Nasdaq100 index recently broke the resistance area located between the resistance levels 12885.00 (which has been reversing the price from the start of February) and 13160.00
The breakout of this resistance area accelerated the active impulse wave 3 of the intermediate impulse wave (C) from last month.
Given the clear daily uptrend, Nasdaq-100 index can then be expected to rise further toward the next resistance level 13400.00 (target price for the completion of the active impulse wave 3).
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#WaveAnalysis
#Nasdaq100 index broke key resistance level 13900.00
• Likely to rise to resistance level 14500,00
Nasdaq 100 index under the bullish pressure after the earlier breakout of the key resistance level 13900.00 (top of wave (iii) from the middle of month).
The breakout of the resistance level 13900.00 accelerated the active minor impulse wave , which belongs to the intermediate impulse wave (3) from March.
Nasdaq 100 can be expected to rise toward the next resistance level 14500,00 (coinciding with the resistance trendline of the daily up channel from March).
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#Nasdaq100 index broke key resistance level 13900.00
• Likely to rise to resistance level 14500,00
Nasdaq 100 index under the bullish pressure after the earlier breakout of the key resistance level 13900.00 (top of wave (iii) from the middle of month).
The breakout of the resistance level 13900.00 accelerated the active minor impulse wave , which belongs to the intermediate impulse wave (3) from March.
Nasdaq 100 can be expected to rise toward the next resistance level 14500,00 (coinciding with the resistance trendline of the daily up channel from March).
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#Nasdaq100 set for further gains, confounding early sceptics
US indices turned sharply higher at the start of last week and are still on the offensive, with the Nasdaq100 leading the rally. The pace of growth has slowed considerably, but it would be foolhardy to bet on a corrective pullback now.
The Nasdaq100 is up more than 9% from its 26 October low. The leaders in the early stages of a market rally often continue to lead the market for an extended period, albeit at a slower pace.
At the end of last month, buyers stepped in just in time to prevent the index from falling below its 200-day moving average.
Reaching this curve coincided with the touching and attempted breaking of the downtrend support line within which the Nasdaq100 had been trading since the second half of July.
US indices turned sharply higher at the start of last week and are still on the offensive, with the Nasdaq100 leading the rally. The pace of growth has slowed considerably, but it would be foolhardy to bet on a corrective pullback now.
The Nasdaq100 is up more than 9% from its 26 October low. The leaders in the early stages of a market rally often continue to lead the market for an extended period, albeit at a slower pace.
At the end of last month, buyers stepped in just in time to prevent the index from falling below its 200-day moving average.
Reaching this curve coincided with the touching and attempted breaking of the downtrend support line within which the Nasdaq100 had been trading since the second half of July.
There is another worry for the bulls - the performance of other equity indices. The #Nasdaq100 – the guiding star of investors in recent years – has stabilised in a narrow range since the beginning of last week. An attempt to develop growth on Wednesday was met with a sell-off, and Thursday also went to the bears' credit.
The #SP500 index, the leading market benchmark, stuck to the 4560 level. The bulls managed to close the gap from the beginning of August and seem to be exhausted. A side effect of this is the compression of volatility and the VIX index falling to multi-year lows, from which reversals have also often occurred.
The small-cap #Russell2000 index, the DJIA’s opposite, has been hitting horizontal resistance near 1810 for more than two weeks now, unable to get above its 200-day moving average despite a spectacular reversal in late October.
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The #SP500 index, the leading market benchmark, stuck to the 4560 level. The bulls managed to close the gap from the beginning of August and seem to be exhausted. A side effect of this is the compression of volatility and the VIX index falling to multi-year lows, from which reversals have also often occurred.
The small-cap #Russell2000 index, the DJIA’s opposite, has been hitting horizontal resistance near 1810 for more than two weeks now, unable to get above its 200-day moving average despite a spectacular reversal in late October.
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#WaveAnalysis
#Nasdaq100 broke resistance level 16000
Likely to rise to resistance level 16500
Nasdaq-100 index recently under the bullish pressure after the price broke above the round resistance level 16000, which stopped the weekly uptrend earlier this year, as can be seen below.
The breakout of the resistance level 16000 accelerated the active intermediate impulse wave (3) .
Given the strong uptrend from the start of this year, Nasdaq-100 index can be expected to rise further to the next resistance level 16500 (which started the weekly downtrend at the end of 2021).
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#Nasdaq100 broke resistance level 16000
Likely to rise to resistance level 16500
Nasdaq-100 index recently under the bullish pressure after the price broke above the round resistance level 16000, which stopped the weekly uptrend earlier this year, as can be seen below.
The breakout of the resistance level 16000 accelerated the active intermediate impulse wave (3) .
Given the strong uptrend from the start of this year, Nasdaq-100 index can be expected to rise further to the next resistance level 16500 (which started the weekly downtrend at the end of 2021).
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#WaveAnalysis
#NASDAQ100 Index reversed from round resistance level 19000.00
Likely to fall to support level 18500.00
NASDAQ 100 Index today reversed down from the resistance area located between the round resistance level 19000.00 and the upper daily Bollinger Band.
The resistance level 19000.00 was strengthened by the resistance trendline of the daily up channel from the end of April.
Given the strength of the resistance level 19000.00 and the overbought daily Stochastic, NASDAQ 100 Index can be expected to fall further to the next support level 18500.00.
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#NASDAQ100 Index reversed from round resistance level 19000.00
Likely to fall to support level 18500.00
NASDAQ 100 Index today reversed down from the resistance area located between the round resistance level 19000.00 and the upper daily Bollinger Band.
The resistance level 19000.00 was strengthened by the resistance trendline of the daily up channel from the end of April.
Given the strength of the resistance level 19000.00 and the overbought daily Stochastic, NASDAQ 100 Index can be expected to fall further to the next support level 18500.00.
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#Nasdaq100: not yet a correction
The Nasdaq100 index was once again the main driver of growth in US indices in May, indirectly also positively influencing markets elsewhere. On Thursday, the index was approaching the 19,000 level, adding over 11% to the 19 April lows. An impressive wave of selloffs hit the market, taking 2% off the index from peak to bottom. And now, the legitimate question is, are we seeing the beginning of a long correction?
Technically, the Nasdaq100 index is at the threshold of the overbought zone on RSI on daily timeframes. Contrary to the name, entering this area is more likely to see the most intense growth, although the least unpredictable.
Buyers' interest is supported by the fact that the index is now only 1% above the previous peak. After that peak, there was already an April correction that removed much of the market's short-term overheating.
The Nasdaq100 index was once again the main driver of growth in US indices in May, indirectly also positively influencing markets elsewhere. On Thursday, the index was approaching the 19,000 level, adding over 11% to the 19 April lows. An impressive wave of selloffs hit the market, taking 2% off the index from peak to bottom. And now, the legitimate question is, are we seeing the beginning of a long correction?
Technically, the Nasdaq100 index is at the threshold of the overbought zone on RSI on daily timeframes. Contrary to the name, entering this area is more likely to see the most intense growth, although the least unpredictable.
Buyers' interest is supported by the fact that the index is now only 1% above the previous peak. After that peak, there was already an April correction that removed much of the market's short-term overheating.
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Fed can end US Indices’ divergence
The US indices, #SP500 and #Nasdaq100, closed at new all-time highs, largely due to Apple's positive performance. However, other markets and indices are far from similarly positive. This both leaves room for growth and indicates investor wariness.
The Nasdaq100 index is above 19200, adding 0.7% over the last day and adding 16.1% YTD. Futures are trading in a slight plus on Thursday. The S&P500 rose 0.3% to 5375, bringing its YTD advance to 13.3%. Both have maintained positive momentum since the beginning of the month after a quick correction in late May.
The immediate driver of the gains was a 7.3% jump in Apple shares in a single day. The market's initial negative reaction to the announcement of the AI strategy, which took away 2% at the premarket, turned into an abundant short squeeze by the opening of trading, sending the stock well into the territory of all-time highs. Interestingly, Apple continues to lag in the market, adding 11.6% YTD.
The US indices, #SP500 and #Nasdaq100, closed at new all-time highs, largely due to Apple's positive performance. However, other markets and indices are far from similarly positive. This both leaves room for growth and indicates investor wariness.
The Nasdaq100 index is above 19200, adding 0.7% over the last day and adding 16.1% YTD. Futures are trading in a slight plus on Thursday. The S&P500 rose 0.3% to 5375, bringing its YTD advance to 13.3%. Both have maintained positive momentum since the beginning of the month after a quick correction in late May.
The immediate driver of the gains was a 7.3% jump in Apple shares in a single day. The market's initial negative reaction to the announcement of the AI strategy, which took away 2% at the premarket, turned into an abundant short squeeze by the opening of trading, sending the stock well into the territory of all-time highs. Interestingly, Apple continues to lag in the market, adding 11.6% YTD.
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The #Nasdaq100 added about 1.5% after Powell's speech, closing above 20,000, from where it has sold off twice in the past two weeks. The S&P500 also had a record close.
Also showing a noteworthy reaction was the dollar (#DXY), which lost 0.5%. This small but important reversal emphasised the strength of resistance around the June highs and raised doubts as to whether the dollar will be able to stay within an upward channel.
We may get the final answer to this when we see the market reaction to Friday's employment report.
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Also showing a noteworthy reaction was the dollar (#DXY), which lost 0.5%. This small but important reversal emphasised the strength of resistance around the June highs and raised doubts as to whether the dollar will be able to stay within an upward channel.
We may get the final answer to this when we see the market reaction to Friday's employment report.
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#WaveAnalysis
#Nasdaq100 rising inside impulse wave 3;
Likely to test resistance level 20775.
Nasdaq 100 index continues to rise inside the accelerated impulse wave 3, which previously broke the round resistance level 20000 (which stopped the previous waves (i) and i).
The active impulse wave 3 belongs to the higher order upward impulse wave (3) from the end of April.
Given the clear daily uptrend, Nasdaq 100 index can be expected to rise further to the next resistance level 20775 (target price for the completion of the active impulse wave 3 coinciding with the daily up channel from May).
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#Nasdaq100 rising inside impulse wave 3;
Likely to test resistance level 20775.
Nasdaq 100 index continues to rise inside the accelerated impulse wave 3, which previously broke the round resistance level 20000 (which stopped the previous waves (i) and i).
The active impulse wave 3 belongs to the higher order upward impulse wave (3) from the end of April.
Given the clear daily uptrend, Nasdaq 100 index can be expected to rise further to the next resistance level 20775 (target price for the completion of the active impulse wave 3 coinciding with the daily up channel from May).
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#Review
Promising divergence of Nasdaq100 and Russell 2000
Indices in the US went in different directions. While the market’s flagship gainer of recent years, the #Nasdaq100, has lost nearly 2.9% from its peak just after the CPI data, the index of small-cap companies, the #Russell2000, has soared 4.7% to date.
We saw one of the most notable one-day rotations in market history. This is only the second time since 1979 that the Russell 2000 has closed the day up over 3% (it was up 3.6%) against the backdrop of a decline in the S&P500. Considering the magnitude of the S&P500 and Nasdaq100 decline (0.7% and 2.3%, respectively), this was the largest divergence that occurred quite suddenly.
It’s easy to find justifications for a rally in a small-company index. A slowdown in inflation is a historically positive signal for such firms. Typically, during these periods, companies rebuild margins, getting a chance to keep up with the largest corporations.
Promising divergence of Nasdaq100 and Russell 2000
Indices in the US went in different directions. While the market’s flagship gainer of recent years, the #Nasdaq100, has lost nearly 2.9% from its peak just after the CPI data, the index of small-cap companies, the #Russell2000, has soared 4.7% to date.
We saw one of the most notable one-day rotations in market history. This is only the second time since 1979 that the Russell 2000 has closed the day up over 3% (it was up 3.6%) against the backdrop of a decline in the S&P500. Considering the magnitude of the S&P500 and Nasdaq100 decline (0.7% and 2.3%, respectively), this was the largest divergence that occurred quite suddenly.
It’s easy to find justifications for a rally in a small-company index. A slowdown in inflation is a historically positive signal for such firms. Typically, during these periods, companies rebuild margins, getting a chance to keep up with the largest corporations.
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#MarketReview
▫️ Stock market volatility has risen again, with the S&P500 down 2% and the Nasdaq100 down over 3%;
▫️ The #SP500 is consolidating near the 50-day MA, a break below which opens the way to 5150 (-7%);
▫️ The #Nasdaq100 is already below its 50-day MA and technically open to 18200 (-4%).
▫️ Stock market volatility has risen again, with the S&P500 down 2% and the Nasdaq100 down over 3%;
▫️ The #SP500 is consolidating near the 50-day MA, a break below which opens the way to 5150 (-7%);
▫️ The #Nasdaq100 is already below its 50-day MA and technically open to 18200 (-4%).
FxPro News
Forex - US equities dip again: when to buy? | Market Overview
US equity markets have been hit by a sell-off, with the Nasdaq100 down more than 3% and the S&P500 down more than 2%, the biggest drop in almost ...
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#WaveAnalysis
▫️#Nasdaq100 reversed from support zone;
▫️ Likely to rise to resistance level 19135.
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▫️#Nasdaq100 reversed from support zone;
▫️ Likely to rise to resistance level 19135.
📣Trade responsibly with fxpro.com
FxPro News
Forex - Nasdaq Wave Analysis 10 September 2024 | Technical analysis
- Nasdaq reversed from support zone - Likely to rise to resistance level 19135.00 Nasdaq index recently reversed up from the support zone l...
#WaveAnalysis
▫️#Nasdaq100 reversed from support zone;
▫️ Likely to rise to resistance level 19135.
📣Trade responsibly with fxpro.com
▫️#Nasdaq100 reversed from support zone;
▫️ Likely to rise to resistance level 19135.
📣Trade responsibly with fxpro.com
FxPro News
Forex - USDJPY Wave Analysis 11 September 2024 | Technical analysis
- USDJPY reversed from the support zone - Likely to rise to the resistance level 144.00 USDJPY currency pair recently reversed up from the ...