Nasdaq 100 (NDX) Heads Down For the 2nd Consecutive Day; Breaks Below 20 Day Average

The Hourly View for NDX

Last Updated May 4, 2021, 04:019 GMT

At the time of this writing, Nasdaq 1000’s price is up 7.21 (0.05%) 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 20 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 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on NDX; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Nasdaq 100 Daily Price Recap

Nasdaq 100 is down 0.44% (61.04) since the previous day, marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the equity indices asset class, Nasdaq 100 ranked 11th since the previous day in terms of percentage price change. Below is a daily price chart of Nasdaq 100.


Nasdaq 100 Technical Analysis

First things first: Nasdaq 100 crossed below its 20 day moving average yesterday. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Nasdaq 100’s price has gone down 6 of the previous 10 trading days.

Overheard on Twitter

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

  • From SPrigged7itsof1:

    @DipBuyPanic @federalreserve the Fed only has blunt tools that drive up the Nasdaq 100 only. The Fed are a bunch of liars who are here to make sure whatever happens, it is always billionaires first into the life boats. Let’s not pretend the Fed does anything except gaslight and exploit for Mr. Billions

  • From johncaneroo:

    My brother is now investing in blockchain technology! So happy to teach him. We have analyzed that crypto-assets like #Bitcoin, $ETH and other altcoins… are beating the returns of other assets like stocks and the benchmarks of US Indices (S & P 500 and Nasdaq 100). 🚀

  • From forextrader755:

    Dow Jones, Nasdaq 100, S&P 500, DAX 30 Forecasts for the Week Ahead: A strong earnings season has equipped investors with fresh optimism but price action may struggle to post progress as seasonal headwinds pick up in the month of May. As a result, gains may slow.

  • From KelvinSCWong:

    Good morning Asia! All major US stock indices started May with a positive footing with the exception of Nasdaq 100 as tech/growth underperformance took shape. Recall in our Q2 theme play; cyclical/value outperformance intact; growth/EV underperformance. So far it is playing out

  • From dividendc2:

    5 ETF DIVIDEND MONTHLY ( dividendos mensuales )-Amplify High Income ETF YYY
    -Invesco KBW Premium Yield Equity REIT ETF KBWY
    -Global X Russell 2000 Covered Call ETF RYLD
    -Global X NASDAQ 100 Covered Call ETF QYLD
    -InfraCap MLP ETF AMZA

  • From riteshj2012:

    @vivbajaj Available in MF with kotak Nasdaq 100 with expense ratio of 0.27%. I have invested in Motilal in past but new investments are in Kotak. Before investing do look at tax implications.

  • From Stockdoc118:

    The Nasdaq 100 made a new high over the past few weeks, but the NASDAQ 100 Tech index did not.

  • From sanjay_trader28:

    @vivbajaj How is this different from otilal Oswal Nasdaq 100 Find of Fund. Please educate @MrMotilalOswal @MotilalOswalLtd @MotilalOswalAMC

  • From HichFX:

    Dow Jones, Nasdaq 100, S&P 500, DAX 30 Forecasts for the Week Ahead | #Forex

  • From DailyFXTeam:

    Wall Street Futures Update:Dow Jones (+0.37%)
    S&P 500 (+0.33%)
    Nasdaq 100 (+0.18%)[delayed]-BBG