Nasdaq 100 (NDX) Down 2.83%, Breaks Below 50 Day Average; Evening Star Pattern Appearing on Chart

The Hourly View for NDX

Last Updated October 5, 2020, 02:08 GMT

At the time of this writing, NDX’s price is down $-44 (-0.39%) from the hour prior. NDX has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 200 and 50 hour changed directions on NDX; they are now pointing down. 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 choppiness in the recent daily price action of Nasdaq 100 continues; to start today, it came in at a price of 11255.6943 US dollars, down 2.83% (327.51) since the day prior. On a relative basis, Nasdaq 100 was the worst performer out of all 14 of the assets in the equity indices asset class today. The daily price chart of Nasdaq 100 below illustrates.


Nasdaq 100 Technical Analysis

Notably, Nasdaq 100 crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For another vantage point, consider that Nasdaq 100’s price has gone up 8 of the previous 14 trading days. And for candlestick traders, a special treat: there is a evening star pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

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

  • From trevmuchedzi:

    @Munash_Tondoya @AssiBaby16 @nubian6 Since you are new to the market, simply buy cheap broad based ETFs whilst you learn how the market works.Here are some ETFs to consider
    2. Invesco NASDAQ 100 $QQQ
    3. iShare S&P 500, $IVV
    4. Emerging Markets Internet & Ecommerce ETF (EMQQ)

  • From TylerYo14089872:

    @ScrapTrades @Hoz94s I think w NQ the reference is to the nasdaq 100, at least that’s the one I’ve seen around the internet the most. You are correct with the nq and es

  • From vixcontango:

    Top 5 ETFs in 2020
    33.09% $GDX Gold miners
    32.67% $SLV Silver
    29.71% $QQQ Big Tech (Nasdaq 100)
    26.67% $XLK Technology
    24.94% $GLD Gold
    22.09% $XHB Homebuilders