Nasdaq 100 (NDX) Fares the Worst Out of equity indices, Price Base in Formation Over Past 30 Days; Nears 20 Day Moving Average

The Hourly View for NDX

Last Updated November 11, 2020, 01:06 GMT

At the moment, NDX’s price is down $0 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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 came into today down 1.74% (206.1) from the open of the day prior, marking the 2nd day in a row a decline has happened. On a relative basis, Nasdaq 100 was the worst performer out of all 14 of the assets in the equity indices asset class today. Let’s take a look at the daily price chart of Nasdaq 100.


Nasdaq 100 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 8 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 MikeMcKerr_TDA:

    The equal-weight S&P500 is outperforming the equal-weight Nasdaq-100 by 3.7% today, most since at least 2005 (my equal-weight data set start). Closest 2nd is 10/14/08 when the $SPXEW beat $NDXE by 3.1% but both indexes were red. With both green, on 5/8/09 $SPXEW > $NDXE by 2.77%.

  • From markminervini:

    Yesterday, the Dow outperformed the NASDAQ 100 by more than 5%. The market continues to be headline driven and increasingly volatile. A whipsaw market is the most dangerous and recent price action in stocks has been demonstrating this. In the short term, I’m cautious here.

  • From KelvinSCWong:

    Good morning from Asia!
    Risk on continues to extend in futures & soft #USD
    SP 500 $ES_F +1.1% (3538)
    Nasdaq 100 $NQ_F +1.3% (12241)
    $AUDUSD + 22pips (0.7277)
    $USDJPY -3 pips (103.31)
    Both SP 500 & Nasdaq 100 futures are breaking above range resistances 3527 & 12180.