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Nasdaq

Nasdaq Weekly Outlook: In-Depth Technical Analysis from Mr MarkeAs one of the leading global investment firms specializing in technical analysis for the US market, our mission is to deliver precise and actionable insights. This week, our focus is on the Nasdaq index, where we see potential for significant market moves as technical indicators signal a possible shift. Below, we provide a comprehensive analysis of key levels, patterns, and trading opportunities for the week starting Monday, August 26th, 2024. Market Context The Nasdaq index has shown remarkable resilience throughout the year, driven by strong earnings reports and macroeconomic stability. However, recent price action suggests that bullish momentum might be waning, with the market reaching a critical juncture. In mid-July, the Nasdaq peaked at 20,690 (Point A), followed by a pullback to 19,463. The subsequent recovery attempt reached 19,720 (Point B), but the failure to surpass previous highs indicates a potential reversal in trend. Key Technical Levels Our analysis highlights the following precise levels that could define market direction: Primary Resistance: 19,820 - 19,850 Secondary Resistance: 20,000 - 20,050 Primary Support: 19,600 - 19,620 Secondary Support: 19,463 - 19,480 These levels are crucial for understanding market behavior. A breach of support or resistance within these ranges will likely dictate the Nasdaq's next move. Technical Patterns and Indicators Double Top Formation: The peaks at Points A and B form a double top pattern, often associated with a trend reversal. This pattern becomes particularly significant if the market fails to hold above 19,600. Bearish Divergence: Our analysis identifies a bearish divergence on the Relative Strength Index (RSI), where the index's price made a lower high at Point B, despite the RSI indicating weakening momentum. This divergence is a strong signal of potential downside. Volume Profile: There has been declining volume on recent upward moves, indicating that buying interest may be fading. This lack of strong buying pressure adds to the bearish sentiment. Candlestick Analysis: The last few trading sessions have shown indecisive candlestick formations (e.g., doji and spinning top patterns) near resistance, suggesting market uncertainty. The absence of a strong bullish continuation pattern further supports the case for caution. Projected Market Movement Given the current technical setup, we foresee two primary scenarios unfolding in the coming week: Bearish Scenario: If the Nasdaq fails to hold above 19,600 and breaks below 19,463, we anticipate a significant decline toward the 19,250 level. A further breach could open the door to a more profound correction, potentially targeting the 18,800 region. Bullish Scenario Conversely, if the index manages to break above 19,850 with sustained volume, the next resistance at 20,000 will be critical. A close above this level could reignite bullish momentum, targeting a retest of the 20,250 high. Strategic Trade Recommendations Based on the analysis, we recommend the following trades: Short Position (High Probability): Entry: Below 19,600 with confirmation from intraday price action. Target 1: 19,463 Target 2: 19,250 Stop-Loss: 19,820 (just above resistance to minimize risk) Long Position (Conditional): Entry: On a clear break and close above 19,850, confirmed by volume. Target 1: 20,000 Target 2: 20,250 Stop-Loss: 19,600 Range Trade (If the Market Consolidates): Buy Near: 19,600 support with a tight stop below 19,463. Sell Near: 19,820 resistance, with a stop just above 19,850. These trades are designed to capitalize on the anticipated market movements while adhering to strict risk management protocols. Final Thoughts The Nasdaq is at a pivotal point, and the upcoming week could set the tone for the rest of Q3 2024. While the technical indicators point towards potential downside risk, traders should remain flexible and ready to adapt to evolving market conditions.
NASDAQ:NDX
by theithachi
Huge selling in NASDAQ after Big upsideNasdaq may face resistance around 20100-20500 Nasdaq is up almost 100% from 2023 lows And there are 3 channels are working in Nasdaq One medium term channel is working from 2020 and other 2 channels are short term With the price action there is Weekly RSI that also around the resistance levels. So be caution around these levels. Thank you !! Disclaimer : We are not SEBI registered analyst. Do your own research before taking any investment decision.
FX:NAS100Short
by FiveCircles
NASDAQ - IDEA - SETUPFOREXCOM:NAS100 Hello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. wait for more Smart Money to develop before taking any position . I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied... Keep trading Hustle hard Markets can be Unpredictable, research before trading. Disclaimer: This trade idea is based on Smart money concept and is for informational purposes only. Trading involves risks; seek professional advice before making any financial decisions. Informational only!!!!
FOREXCOM:NAS100
by Phinics
05 Mar ’24 — Nifty breaks a support, BN breaks a resistanceNifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “Our stance continues to be bullish and the first support level would be 22295. It is a shallow support and not quite relevant for a stance change, but the momentum is what really matters.” 4mts chart For a brief period, Nifty traded below the support level of 22295. Even on the lower timeframe we did not have a close below that level due to which a stance change is not required. Nifty managed to pull up and close above 22358 which is not a bad thing at all, but what was worrying is how NiftyIT traded today. Even from the start, the weakness in the IT sector was evident. NiftyIT ended the day -1.59% ~ 594 points. The major reason Nifty fell today was attributed to this weakness. There is something the IT sector knows that we don't. Look at how SPX (-0.89%), NDQ (-1.78%) are trading, a selected few people knew this in advance and started selling the tech sectors. On the higher timeframe, the 3 red candles till the support level stands out. Even though the buying came today, it may not prove useful if we gap-down tomorrow. It all depends on how the US market closes today. Primarily, I need to spend some time to understand why the tech sectors are cooling off. News aside, the charts still shows no change in bullish stance, however if we open gap down tomorrow and that too below the 22295 levels we will immediately change stance to neutral. And if it breaks 22199, we would love to go short. 63mts chart
NSE:NIFTYLong
by viswaram