11.8 C
New York
Friday, May 3, 2024
HomeCharts
ChartsMarkets

Weekly Market Commentary: Nasdaq Ready to Run?

By Chart School
0
39

Courtesy of Declan Fallon

Can the Nasdaq follow the Nasdaq 100 higher? The index cleared a five week consolidation and is on the cusp of pushing through supply and into ‘fresh air’.

AAAA Nasdaq

via StockCharts.com

The Nasdaq 100 is leading the way. It too cleared its consolidation, but from a position of strength (i.e. limited supply). The trend is your friend.

($NDX)

via StockCharts.com

The Russell 2000 is also catching upward momentum with a bull flag breakout. If it plays out as a measured move then look for a push towards 1,000.

($RUT)

via StockCharts.com

The S&P is also above a resistance level and has 1,440 in its sights

($SPX)

via StockCharts.com

Overall Market Breadth for Nasadaq and S&P is in general decline (bearish divergence), but is far enough away from resistance to suggest this rally could move higher. The Nasdaq Summation Index is one such example, moving to a confirmed ‘Sell’ Trigger but offering upside potential.

($NASI)

via StockCharts.com

Play it long until proven otherwise. On the weeklies, this means an undercut of last week’s low as a minimum.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,280FansLike
396,312FollowersFollow
2,290SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x