Nasdaq 100 (NDX) Heads Down For the 2nd Straight Day, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

The Hourly View for NDX

Last Updated November 19, 2020, 02:019 GMT

Currently, NDX’s price is down -28.29 (-0.24%) from the hour prior. This is the 2nd hour in a row NDX has seen its price head down. Regarding the trend, note that the strongest trend exists 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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

Nasdaq 100 came into today down 0.69% (82.78) from the open of the previous day, marking the 2nd straight day it has gone down. Out of the 14 instruments in the equity indices asset class, Nasdaq 100 ended up ranking 10th for the day in terms of price change relative to the previous day. The daily price chart of Nasdaq 100 below illustrates.

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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 15 out of the past 30 days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Nasdaq 100:

  • From FomoJackson:

    18DEC2020 – QUAD WITCHING
    18DEC2020 – 400,500,600 REBALANCING
    18DEC2020 – NASDAQ 100 REBALANCING & NASDAQ BIOTECH INDEX (NBI) REBALANCING
    24DEC2020 – MARKET CLOSE 1PM EST, 10AM PST, 8AM HST
    24DEC2020 – SHORT INTEREST RELEASE DATE
    25DEC2020 – EXCHANGE HOLIDAY

  • From KelvinSCWong:

    Another dose of #COVID19 vaccine optimism juicing up risk assets; Moderna said itโ€™s vaccine 94.5% effective, more than Pfizer 90% rate
    SP 500 $SPX +1.2%(3626)
    Nasdaq 100 $NDX +0.6%(12013)
    Dow $INDU +1.6%(29950)
    Russell 2000 $RUT +2.1%(1781)

  • From spenceare:

    Relative to traditional equities and commodities, #Bitcoin is 2020’s fastest horse. For context, here is year-to-date performance of Bitcoin relative to traditional assets.S&P 500: 10%
    NASDAQ 100: 35%
    GOLD: 23%
    BITCOIN: 143%

  • From KelvinSCWong:

    Cooling off from #COVID19 vaccine optimism 2.0. Risk assets saw selling pressure but not rampant.
    SP 500 $SPX -0.5%(3609)
    Nasdaq 100 $NDX -0.3%(11977)
    Dow Jones $INDU -0.6% (29783)
    Russell 2000 $RUT +0.3%(1790)

  • From INVESTMENTSHULK:

    @bennpeifert @Jonnn_15 @beetlechocolate THAT GIF IS WHAT THE NASDAQ 100 LOOKS LIKE IN MY HEAD.

  • From maciya444:

    @Christellinvest @BusinessDayTV @TraderFrans Satrix Nasdaq 100 ETF ๐Ÿ™‚