Nasdaq 100 (NDX) Down 2.62%, Crosses 100 Day Moving Average; in a Downtrend Over Past 14 Days

The Hourly View for NDX

Last Updated May 14, 2021, 00:020 GMT

At the time of this writing, Nasdaq 1000’s price is down -3.92 (-0.03%) from the hour prior. The hourly chart shows that Nasdaq 1000 has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 an uptrend 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 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 closed the day prior down 2.62% (349.63); this denotes the 3rd straight day a decline has happened. Out of the 14 instruments in the equity indices asset class, Nasdaq 100 ended up ranking 13th for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of Nasdaq 100.

NDX

Nasdaq 100 Technical Analysis

Notably, Nasdaq 100 crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.

Overheard on Twitter

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

  • From Ajay_Bagga:

    Stocks slid in Japan and South Korea but were steady in Hong Kong and China. U.S. contracts slipped after the S&P 500 declined for a second day following a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed.

  • From ZorTrades:

    • $QQQ -7.5% from its 52-week high set 10-days ago.
    • 34 Nasdaq 100 stocks are down -20% or more from their 52-week high.
    • $ZM leads the way -50.80%.
    • $SPLK -48.78%
    • $BIDU -48.34%
    • $PTON -47.78%
    • $PDD -41.65%
    • $MELI -35.52%
    • $DOCU -35.30%
    • $TSLA -34.49%

  • From wheeliedealer:

    Nasdaq 100 Long Tails Doji but combined with yesterday’s Candle could be Bullish. 12967 must hold as Support. RSI 40 lowish but can go loads lower. 13/21 day EMAs Bearish. Danger it could go Sideways and be a ‘Ledge’ that then breaks down.

  • From Ajay_Bagga:

    S&P 500 futures fell 0.3% 10:48 a.m. Tokyo,S&P 500 index fell 0.9%
    Nasdaq 100 contracts lost 0.4%. The index was little changed
    Japan’s Topix index shed 1.1%
    Australia’s S&P/ASX 200 index was down 1.1%
    South Korea’s Kospi index fell 0.7%
    Euro Stoxx 50 futures retreated 0.2%

  • From enriqueabeyta:

    Smart friend of mine just texted me and said – “IMHO the epic melt up in markets started today following bear trap last few days. Targeting 16k on Nasdaq 100 or +21% upside. Then epic crash”. We shall see… #stockmarket

  • From I_wanna_meria:

    1. U.S. stock futures declined early Wednesday, led by tech shares once again. Dow Jones Industrial Average futures fell 120 points while S&P 500 futures traded 0.4% lower. The tech-heavy Nasdaq 100 futures lost 0.7%

  • From CiovaccoCapital:

    Since February 12:Consumer Staples $XLP +8.06%
    Treasuries $IEF -3.12%
    NASDAQ 100 $QQQ -4.97%
    ARK Innovation $ARKK -36.47%

For a longer news piece related to NDX that’s been generating discussion, check out:

Nasdaq 100 stock picks: Traders on Microsoft shares as rebound target

“It would be Microsoft,” Tengler told CNBC’s “Trading Nation” on Tuesday….We trimmed our positions in half in Microsoft ahead of earnings.