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Nasdaq100 (NQ) Nears Record High

Nasdaq100 (NQ) Nears Record High

Posted October 26, 2021
Darren Chu
Tradable Patterns

Nasdaq100 (NQ) Nears Record High

The Nasdaq100 (NQ) surged 1% yesterday, and is now just shy of the record high formed in September.  Significantly, NQ’s bounce since its early October low has reversed most of September’s slide, with odds high for NQ to follow the S&P500 (ES) in hitting a new record by month end.  Nevertheless, with NQ arguably bumping up against ascending wedge resistance (on the 4hr chart), NQ could finally see some profittaking in the next day or so.  Congratulations to Premium Subscribers who benefited from the February 18th, 2020 analysis one day before the record high in the S&P500, warning of a pending slide in the Nasdaq100, and from the March 24th, 2020 report highlighting the looming multi­day to multi­week rebound in NQ.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am flat after getting stopped out of shorts yesterday, and am likely going to stay on the sidelines today.  Once the weekly and daily RSI, Stochastics and MACD begin turning down, I’ll look to re-enter a short. 

Click here for analysis on S&P500, CORN

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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