Nasdaq 100 (NDX) Moves Up For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

The Hourly View for NDX

Last Updated June 9, 2021, 19:21 GMT

At the time of this writing, Nasdaq 1000’s price is down -22.25 (-0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Nasdaq 1000 has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on NDX; it is 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

Nasdaq 100 closed the previous day up 0.06% (7.97); this denotes the 2nd straight day an increase has occurred. Relative to other instruments in the equity indices asset class, Nasdaq 100 ranked 5th since the previous day in terms of percentage price change. Here is a daily price chart of Nasdaq 100.

NDX

Nasdaq 100 Technical Analysis

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. The clearest trend exists on the 14 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. For additional context, note that price has gone up 9 out of the past 14 days.

Overheard on Twitter

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

  • From TheStockBubble:

    @dailydirtnap Yes, you have J. There was the same unshakable belief in JDSU and Sun Micro and most of the Nasdaq 100 in 2000 and 2001. You needed the 80%-90% total decimation of faith to shake the tree 🌳. I suspect you will need to see 75% here as well. And then libertarians can buy again. 🧐

  • From sunchartist:

    @aHybridOriginal @naufalsanaullah That means the RTY is outperforming QQQ as rates rise. Does not propose QQQ is going back into range.
    Nasdaq 100 +0.23
    IWM +1.34%. You can have Nasdaq falling if rates rise as it is a longest duration asset

  • From KushalKumarM09:

    @homemakerguy @passivefool All the Nasdaq 100 stocks are included in the s&p500 index, so out of 500 stocks 100 stocks are from nasdaq, and the weightage of the stock is also high, so it’s better to choose one fund

  • From garydav2:

    @truemagic68 Top of the morning to you. No stopping the #NASDAQ 100 at the moment. Shaking off the tax news and inflation concerns for now….