Nasdaq 100 (NDX) Underperforms All equity indices, Down 2.62%; Breaks Below 100 Day Average

The Hourly View for NDX

Last Updated November 2, 2020, 00:06 GMT

At the moment, NDX’s price is up $17.95 (0.16%) from the hour prior. The hourly chart shows that NDX has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NDX. 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. 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

The choppiness in the recent daily price action of Nasdaq 100 continues; to start today, it came in at a price of 11052.9463 US dollars, down 2.62% (297.8) 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.

NDX

Nasdaq 100 Technical Analysis

Notably, Nasdaq 100 crossed below its 100 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 14 days Nasdaq 100’s price has gone down 10 them. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 14 and 90 day charts, may be slowing down and ready to reverse.