Markets – Macro – Technicals

$NDX

This page tracks previous versions of $NDX (Nasdaq 100). For the most up to date chart please see: $NDX

For access to other charts please visit Charts.
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July 7, 2017

$NDX did not print a new low yesterday when $SPX did. Most notable it registered the lowest number of components above their 50MA since the November election. On this basis it’s the most oversold it has been in 2017:

July 6, 2017

Did you pay attention yesterday? That big $NQ rally? As I pointed out on twitter internals were weak, and yesterday I made a point about posting the $NQ chart showing continued fib rejections on bounces. And we just had another one at the .786 fib. Pretty pronounced. But no new lows yet and July tends to be bullish, but for now we have a pattern of lower highs:

July 5, 2017

Don’t be scared by the busy looking chart, but it’s intended to show how technical the $NDX futures contract has been trading as of late. Every bounce met resistance at a key fib retrace level (see red boxes) before renewed selling commenced.

This is the current prevailing trend as long as new lows are being made.

The previous chart below shows key support should recent lows break.

July 2, 2017

The $NDX has been a primary market gain driver in 2017, mostly propelled by a few heavy cap stocks such as $MSFT, $FB, $AAPL, $AMZN, etc. The index, and many of the above mentioned components are historically stretched to the upside which typical demands a technical reconnect with key long term moving averages.

The most recent highs in June came on an extra negative divergence which has then produced an initial pullback of size. The subsequent attempt at a rally has produced a lower high which is also a technical red flag. So far support has been found near a key trend line and the 50MA. The 50MA has now been broken, but trend line support is still in effect.

Should $NDX break this trend line then a deeper corrective move toward the next fib levels and the 200MA with potential support near the March and April lows is in the offing.

 

 

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