NASDAQ 100 (NAS100) Reaches the Oversold Region, May Resume Up trending

NASDAQ 100 (NAS100) Reaches the Oversold Region, May Resume Up trending

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in an downtrend. The index reaches the high of level 13885 and was repelled. The downtrend has been ongoing. On February 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will further decline to level 2.0 Fibonacci extension or the low of 11413.74.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has fallen to level 39 of the Relative Strength Index period 14. The index is in the downtrend zone below the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The price retested the high of 13400 twice before resuming the downtrend. The index is now at the low of 12400. The market will rise if the current support holds.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 25% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has fallen to the oversold region of the market. Presently, the market is in an upward movement. If the current support holds, the selling pressure will be exhausted.


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NASDAQ 100 (NAS100) Retraces to Level 12757, May Resume the Uptrend

NASDAQ 100 (NAS100) Retraces to Level 12757, May Resume the Uptrend

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in an uptrend. The index reaches the high of level 13885 and was repelled. It fell to level 12757 and resumed upward.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has risen to level 39 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone above the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. On February 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 2.0 Fibonacci extensions. That is the low of 11591.53.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 40% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is falling but the market has shown signs of bullish signals. The price is reversing at level 12750.



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Coinbase Files to List Its Class A Common Stock on the Nasdaq

Coinbase Files to List Its Class A Common Stock on the Nasdaq

US-based cryptocurrency exchange Coinbase announced that it has officially filed a registration statement on Form S-1 with the SEC to become a publicly-listed entity on the Nasdaq exchange. The company confidentially submitted a draft registration statement to the Securities and Exchange Commission (SEC) last year to be listed on the exchange.

Coinbase chose to go public via a direct listing instead of an IPO. Estimates suggest that the potential valuation of the company is pegged around $28 billion.

The largest exchange in the US broke the news to the public earlier today, noting that the registration was “relating to a proposed public direct listing of its Class A common stock.”

Coinbase will list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.”

However, although the registration statement has gotten filed, it is yet to come into effect. The company explained that: “These securities may not be sold, nor may offer to buy be accepted, before the time the registration statement becomes effective.”

Coinbase Records Significant Revenue Spike
Meanwhile, Coinbase highlighted that its filing doesn’t “constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.”

In other news, the cryptocurrency exchange revealed that its net revenue saw a significant spike in 2020 compared to 2019—$1.1 billion against $483 million. The company’s expenses also increased from $580 million in 2019 to about $870 million in 2020.

 

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Nasdaq 100 Price Analysis — February 12

Nasdaq 100 Price Analysis — February 12

Futures tracking major US equity indexes fell early on Friday, as Wall Street looked set to round off the week with decent gains.

At press time, Nasdaq 100 (NDX) futures were down by -0.27%, while the Dow Jones (DJIA) futures and S&P 500 (SPX) futures fell by -0.28% and -0.34%, respectively.

Meanwhile, Disney shares climbed by more than 2% in the extended trading hours, following a better-than-expected earnings report for its fiscal first quarter of 2021. The entertainment behemoth revealed that it now has a whopping 95 million paid subscribers on its Disney+ streaming service.

Although February’s bullish momentum seen in Wall Street is beginning to wane, major indexes are still poised to end the week on a goodish note. The equity markets started losing bullish steam as investors remained optimistic for a smooth economic reopening and Covid stimulus distribution.

Brad McMillan, Chief Investment Officer at Commonwealth Financial Network, recently stated that “between the ongoing medical and economic improvements, markets continue to expect a much better 2021, and that has supported prices.” He added that “fourth-quarter earnings are coming in well ahead of expectations, and analysts are now adjusting their 2021 earnings estimates upwards.”

In other news, President Joe Biden announced yesterday that his administration has secured a deal for another 200 million doses of Covid-19 vaccines from Moderna (NASDAQ: MRNA) and Pfizer, bringing the country’s total vaccine count to 600 million. He added that the US should have enough vaccine supply for all 300 million+ Americans by the end of July.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — February 12

NDX Major Bias: Bullish

Supply Levels: 13770, 13800, and 13850.

Demand Levels: 13696, 13600, and 13563.

The NDX appears to be losing bullish steam, following its recent rejection from the top-end of our ascending channel. The rejection sent the tech-heavy index to the 13500 area, where more dip-buyers likely came aboard and sent the price to the 13700 area, recording a healthy correction.

That said, the index will likely resume its bullish charge next week, towards the 13850 resistance.

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Nasdaq 100 Price Analysis — February 9

Nasdaq 100 Price Analysis — February 9

Wall Street traded on a very upbeat momentum as investors flooded energy stocks and priced in another round of aid spending from Washington.

The Nasdaq 100 (NDX) rose by 0.67% yesterday to record a new all-time high around 13696. The Dow Jones (DJIA) and the S&P 500 (SPX) also recorded new ATHs with +0.76% and 0.74%, respectively.

Wall Street began the week with strong gains led by the energy sector, better-than-expected earnings report, and expectation of another round of fiscal aid.

Democrats in the US Congress recently initiated a process that would allow the Senate to bypass the Republicans and vote on Biden’s relief plan, in a process known as budget reconciliation.

While it’s becoming unlikely that the entire $1.9 trillion will get passed, analysts expect it to still be a large sum. Last week’s worse-than-expected job reports will likely boost the prospects for larger spending.

Meanwhile, Treasury Secretary Janet Yellen said on Sunday that Biden’s plan could help facilitate strong economic growth to take the US back to full employment by next year.

Reuters reported that financial aid from Democrats is expected to include about $50 billion in extra funding for US airlines, transit systems, airports, and passenger railroad Amtrak, and a new $3 billion program to assist aviation manufacturers with payroll expenses.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — February 9

NDX Major Bias: Bullish

Supply Levels: 13696, 13750, and 13800.

Demand Levels: 13600, 13563, and 13450.

The NDX had a very bullish run yesterday, recording a new ATH at 13696. Not surprisingly, the index struggled with climbing further from the ATH level considering that it ran into the top-end of our ascending channel. That said, the index has to resume market today with strong momentum to help it break above the channel or risk a slowdown and even a retrace to the 13600-563 area over the coming hours and days.

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Nasdaq 100 Price Analysis — February 5

Nasdaq 100 Price Analysis — February 5

Futures tracking the Nasdaq 100 (NDX) and the S&P 500 (SPX) saw record-high figures on Friday, as risk asset investors expect goodish jobs report to confirm that the worst of the labor market crisis is over, alongside additional economic stimulus.

The Labor Department is likely to report that the US economy grew by 50k jobs in January, following a 140k loss in December. The goodish pick up in job numbers in January was likely triggered by the easing of lockdown restrictions across the US.

However, a goodish jobs report still does not eliminate the need for additional government fiscal aid, as long-term unemployment prospects still seem gloomy.

President Joe Biden’s proposed $1.9 trillion stimulus bill got fast-tracked earlier today, as the US Senate approved a budget plan that included the passage of the bill in the coming weeks.

The tech-heavy index is set to record its best week yet since the US elections in November, as upbeat earnings and economic data increased optimism over a speedy economic recovery. Meanwhile, last week’s retail trading frenzy appears to be fading, triggering an 80% drop in GameStop (GME) stock.

Better-than-expected corporate earnings reports so far in the fourth quarter have bolstered speculators’ expectations for the market risk mood in the coming days and weeks.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — February 5

NDX Major Bias: Bullish

Supply Levels: 13650, 13700, and 13750.

Demand Levels: 13500, 13450, and 13400.

The Nasdaq 100 is on an aggressive bullish rally, with the index having broken the crucial 13600 resistance over the past few hours (pre-market data). That said, we expect this current rally to take the NDX to the 13650 price point (top-end of our ascending channel) in the coming hours.

Also, we could see a break above the prevailing channel given the current momentum in the market. Nonetheless, any fall from the current level should be heavily repelled by the 13450 support in the meantime.

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Nasdaq 100 Price Analysis — February 2

Nasdaq 100 Price Analysis — February 2

The Nasdaq 100 (NDX) recorded a whopping 2.65% climb yesterday, paring back most of the losses it suffered last week. Although price action can still be seen in the new retail traders’ favorites like GameStop and AMC, a significant decline in short interest surrounding these stocks has put the markets in a different landscape compared to last week.

Goldman Sachs reported that hedge funds bought and sold the most amount of stocks ever seen in the past ten years last week, which resulted in the most “de-grossing” since February 2009. While the recent deleveraging of markets could make trading popular “Reddit stocks” complicated for retail traders, the excess cash on the sidelines could benefit the broader indices.

In other news, Democrats in both the House and the Senate filed a joint budget resolution in their respective chambers yesterday, which will clear the road for President Joe Biden to pass his proposed $1.9 trillion stimulus bill.

Before now, President Biden was hopeful about passing a bipartisan bill and met with a group of ten Republican Senators to debate their $600 billion counter-proposals. However, with several Democrats rejecting a smaller stimulus bill, the Biden Administration will likely forge ahead without the approval of the Republicans on his $1.9 trillion packages.

That said, additional stimulus measures will bolster the NDX and other indices in the coming weeks.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — February 2

NDX Major Bias: Bullish

Supply Levels: 13400, 13500, and 13563.

Demand Levels: 13200, 13110, and 13000.

Following the emergence of a double-top pattern and the Reddit traders’-induced market volatility, the NDX fell dramatically by more than 4% last week. However, the index has recovered most of the losses, +3%, from the recent crash.

That said, we expect full recovery to the 13400 resistance before the close of the market today, followed by an attempt at the 13563 over the week.

On the flip side, any fall from the NDX’s current price level will get strongly repelled by the 13110 support, where the base of our ascending channel lies.

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Nasdaq 100 Price Analysis — January 29

Nasdaq 100 Price Analysis — January 29

Wall Street traded on mixed sentiment on Thursday as investors took cues from the latest earnings reports and signs that a big squeeze in shorted stocks will persist for a while.

The Nasdaq 100 (NDX) recorded a 1.5% jump to the 13400 resistance before dropping near its open level, or 0.68% around 13200 at the close of the market yesterday.

Meanwhile, US shares recorded their sharpest decline in over three months on Wednesday amid a coordinated squeeze by retail traders on hedge funds holding short positions in stocks like GameStop (NYSE: GME).

This market turmoil caused some investors to seek refuge in the US dollar, as yields on the 10-year US Treasury bond were flat.

Ned Rumpeltin, the European Head of Currency Strategy at TD Securities, stated that the markets “smells like blood.” He noted that investors remained on the sidelines on Wednesday ahead of the US Federal Reserve statement. He believes that more investors should be coming on board now that the event is in the past.

Rumpeltin added that retailers could get induced to cash out their profits as we head into the weekend.

In other news, earnings reports are due from American Airlines (NASDAQ: AAL), Mastercard (NYSE: MA), Mcdonalds (NYSE: MCD), Dow Chemicals (NYSE: DOW), JetBlue Airways (NASDAQ: JBLU), Amazon (NASDAQ: AMZN), Mondelez (NASDAQ: MDLZ), and Visa (NYSE: V).

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — January 29

NDX Major Bias: Bearish

Supply Levels: 13300, 13400, and 13500.

Demand Levels: 13110, 13000, and 12900.

The NDX appears to have gone into a bearish spiral to the lower end of our ascending channel around the 13000 round figure. This projected decline is confirmed by the recent formation of a double-top pattern at the 13400 resistance. We expect to see a healthy rebound from the 13000 support in the coming hours and days.

That said, a sustained decline from the 13000 psychological should be adequately repelled by the 12900.

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The Nasdaq retests the long term bullish structure

The Nasdaq retests the long term bullish structure

The Nasdaq crashed yesterday 5.30% to a massive key level in confluence with the retest of the mid term bullish structure, the 61.8 of the last rally and the 1.618 of the last leg up of the rally.

Hidden bullish divergence detected.

Should price break the current high (2 hour candle high) we should be long for at least the retest of 13500 level.

holding to all-time highs is a better option since the last 6% plus pullback triggered an 18.25% rally for more than 2 months.

Validation Level: 13085
Invalidation Level: 12885

BIG level to watch for first profits is the 13300 level

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Nasdaq 100 Price Analysis — January 26

Nasdaq 100 Price Analysis — January 26

Wall Street saw a bubbly start to the new week on Monday, setting a positive tone for the busy quarterly earnings, Fed meeting, and GDP week ahead.

The Nasdaq 100 (NDX) traded erratically to close the day at a +0.87% gain after setting a new record high at 13563.70. The Dow Jones (DJIA) and the S&P 500 closed yesterday with decent gains as well, with +0.1% and 0.36%, respectively.

That said, investors are keenly watching out for quarterly reports from large-cap tech companies like Apple (NASDAQ: AAPL), Tesla (NASDAQ: TSLA), and Facebook (NASDAQ: FB), all due tomorrow. The tech industry saw a boom from the COVID-19 pandemic, following the thriving stay-at-home practice, which bolstered several positive tech trends.

Meanwhile, stock prices of video game retailer GameStop (NYSE: GME) saw another spike yesterday, after a 51% rally on Friday to leave it more than 240% this month alone.

Moving on, the central bank (Federal Reserve) will be updating its policy on Wednesday, and the first reading of the economic growth (GDP) in Q4 will get released on Thursday. This data comes on the backdrop of an activity-filled week, as no fewer than 118 companies will publish their quarterly earnings this week, with investors looking for cues to justify the ever-rising prices against corporate earnings and revenue.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — January 26

NDX Major Bias: Bullish

Supply Levels: 13500, 13563, and 13600.

Demand Levels: 13300, 13200, and 13110.

The NAS100 had a very volatile session yesterday, recording a new all-time high and a four-day low over the space of a few hours. The index broke out of our ascending channel to record a high at 13563.7 before dropping sharply to the 13200 support and immediately regaining stability above 13400.

The path of least resistance, at the moment, is tilted to the upside, meaning the NDX could climb back to its ATH and higher soon. That said, we expect to see more volatile moves in the coming days, given the event-filled backdrop this week.

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