Nasdaq 100 (NDX) Moves Down For the 4th Day In A Row; in an Uptrend Over Past 30 Days

The Hourly View for NDX

Last Updated May 6, 2021, 03:019 GMT

At the moment, Nasdaq 1000’s price is up 4.5 (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Nasdaq 1000. Given that we see downtrend on the 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Nasdaq 100 Daily Price Recap

Nasdaq 100 came into today down 0.3% (41.3) from the open of the previous day, marking the 4th day in a row a decrease has occurred. Relative to other instruments in the equity indices asset class, Nasdaq 100 ranked 10th since the previous day in terms of percentage price change. Here is a daily price chart of Nasdaq 100.

NDX

Nasdaq 100 Technical Analysis

Volatility for Nasdaq 100 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 7 out of the past 10 days.

Overheard on Twitter

Behold! Here are the top tweets related to Nasdaq 100:

  • From JohnKicklighter:

    Poll: The Nasdaq 100, a paragon of speculative appetite, has dropped below 13,750 – the range floor for the past three/four weeks with record highs on the other side of the band. Is this ‘THE’ turn lower? In other words, do we not see fresh record highs for at least a month?

  • From howardlindzon:

    I get a LOT of venture fund updates and the capital funding into later stage companies at the moment is staggering…so while the NASDAQ 100 $qqq is rolling over and SPAC’s are hated the money is still flowing

  • From kecaj84:

    SP500 1% off top.
    DJI at the top.
    Nasdaq 100 3.3% off top.
    DAX 3% off top.
    Nikkei 5.9% off top.
    CAC40 0.7% off top.
    FTSE IT 4.7% off top.
    FTSE 250 UK 1% off top.
    🍌🍌🍌 48.7% off top.

  • From callieabost:

    The Nasdaq 100 is down 2.2% since earnings season started, heading for just its fourth decline in 18 earnings seasons.All of that after big tech crushed earnings.It’s a high hurdle market.

  • From cadeinvests:

    Added $QQQJ in the RothIRA today.This ETF invests into the 101st to 200th largest companies in the Nasdaq.Largest holdings:
    $CRWD
    $ROKU
    $FTNT
    $TTD
    $LBRDK
    $GRMN
    $ZBRA
    $AZNThese guys are next up to be in the Nasdaq 100. 👀

  • From zerohedge:

    *STOXX EUROPE 600 INDEX TURNS NEGATIVE, FALLS 0.3%
    *FUTURES ON S&P 500, NASDAQ 100 INDEXES EXTEND LOSSES

In terms of news links for Nasdaq 100 here’s one to try:

Can the Nasdaq 100 (QQQ) Hold its Main Support area? – See It Market

Now with two of the major indices lingering near their 50-DMA we can test our theory if the IYT continues to help the market hold or if it begins to selloff.  We would be way more negative had IYT closed under yesterday’s low after making new all-time highs….Russell 2000 (IWM) Watching to hold over 50-DMA area at 223.27.