Nasdaq 100 - The relief rally is in a progress

We continue to be bearish on Nasdaq 100 index. Our view is supported by bearish technical and fundamental factors. The prospect of higher interest rates in the U.S. will continue to put pressure on the economy and drag market indices lower. We expect the rally to be short-lived and Nasdaq to resume its downfall soon. Therefore, we would like to set a new price target for NQ1! to 12 000 USD.

Illustration 1.01

The picture above links our bearish idea on QQQ.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. ADX increases, which signals that the bearish trend is gaining strength. Overall, the daily time frame is bearish.

Illustration 1.02

Illustration 1.02 shows that the weekly volume continues to increase, which is bearish.

Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Trade closed: target reached:

NQ1! hit our price target of 12 000 USD.