Nasdaq 100 (NDX) 4 Day Up Streak Snapped; Price Base in Formation Over Past 30 Days

The Hourly View for NDX

Last Updated October 14, 2020, 00:06 GMT

At the time of this writing, NDX’s price is up $6 (0.05%) from the hour prior. This is the 2nd hour in a row NDX has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NDX. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Nasdaq 100 Daily Price Recap

The end of a 4 day positive run has come for Nasdaq 100, which finished the previous day down 0.04% (4.94). Relative to other instruments in the equity indices asset class, Nasdaq 100 ranked 7th since the previous day in terms of percentage price change. Below is a daily price chart of Nasdaq 100.

NDX

Nasdaq 100 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 14 days Nasdaq 100’s price has gone up 10 them.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Nasdaq 100 for the past day were:

  • From Wrigley1332:

    Something crazy to think about… When I was in high school I’d go to the Nasdaq 100 down in Key Biscayne. My senior year of high school Nadal made kind of his 1st big run. Lost to Fed in the finals after being up 2 sets. Won his 13th French Open earlier. Legend.

  • From RyanDetrick:

    These advance/decline lines made new all-time highs today.To reiterate, this isn’t bearish and this isn’t a sign of weak breadth. In fact, it’s a sign of wide participation-a good thing.Dow A/D
    Global A/D
    Mid Cap A/D
    Nasdaq A/D
    Nasdaq 100 A/D
    NYSE A/D
    S&P 100 A/D
    S&P 500 A/D

  • From KelvinSCWong:

    Nasdaq 100 futures $NQ_F has erased earlier losses seen in Asian seen to turn positive +0.9% while SP 500 futures $ES_F is still down by -0.1%. Seems like everybody is looking for a positive feedback loop trigger by #AppleEvent later