NAS100 - New ATH in Overbought Territory

Sep 12

Dear Friends in Trading,

Overbought - Rising Wedge - Divergence - Be Careful

4HR + 12Hr only touching RSI 70% at this time.

NASDAQ printing new ATH's on Rate Cut Bets

Let me know if anything is unclear.

I sincerely hope my point of view offers a valued insight.

Thank you for taking the time study my analysis.

Sep 16

Note

Investing Live Report:
New high for the NASDAQ index is traders pile into tech shares:

NASDAQ index up near 0.90% on the day
The NASDAQ index has continued to run with a gain of 197 points or 0.90% to 22339. The high price reached 22340.91.

Leading the charge is Tesla which is up 6.45% after Elon Musk purchased about $1 billion of the stock. Other notable gainers include:

Tesla +6.45% – surging after reports Elon Musk purchased about $1B in Tesla stock, fueling strong bullish momentum.

Chewy +5.42% – rallying on optimism for continued demand growth in online pet supplies.

ASML ADR +5.37% – boosted by strong semiconductor sector momentum and robust chip equipment demand.

Western Digital +5.24% – rising as memory chip recovery prospects improve.

Roblox +4.55% – higher on sustained growth expectations in gaming and metaverse engagement.

Tapestry +4.34% – gaining on strong consumer discretionary flows and luxury retail optimism.

Intel +4.05% – lifted by chip sector strength and AI-related tailwinds.

Alphabet A +3.65% – moving up on steady ad revenue momentum and AI growth story.

Oracle +3.28% – advancing after upbeat sentiment around its cloud and AI-driven enterprise services.

GameStop Corp +3.07% – climbing as retail interest remains elevated in meme-related stocks.

Snowflake +2.76% – edging higher with continued confidence in data and AI-related demand.

Snap +2.66% – modestly higher on improving advertising sentiment.

Stellantis NV +2.64% – ticking up as global auto demand and EV outlook provide support.

CrowdStrike Holdings +2.31% – advancing on strong cybersecurity sector momentum.

The S&P index is up 31 points or 0.47% at 6614.69. Its shares reached a high of 6619.62 earlier in the session but has not followed the NASDAQ to new records since. Nevertheless, the index is on pace for a new record close.

The Dow industrial average is not very as well with a decline of -48 points or -0.11% and 45787. 66.. Amgen, McDonald's, Sherwin-Williams, and 3M are contributing to the downside in the Dow 30.

The small-cap Russell 2000 is up 7.69 points or 0.32% at 2404.73.

Sep 16

Note

Just to re-balance the 1Hour Overbought Divergence:
Price needs to come down to 23850...just to balance a small timeframe.

4HR is now also overbought - above 70%...no divergence yet

Price can keep on rocketing to wherever on rate cut bets.
I get a nosebleed just looking at NASDAQ, no thanks!!!