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Nasdaq Composite Index CFD

IXIC (NASDAQ) - June 29hello? Traders, welcome. By "following", you can always get new information quickly. Please also click "Like". Have a good day. ------------------------------------- (IXIC (Nasdaq) 1M Chart) The 11167.51-11490.19 section is the boundary between an uptrend and a downtrend in the long term. (1W chart) The overall support section is 11167.51-12131.13. However, it can be divided into sections 11167.51-11490.19 and 11805.0-12131.13. If it crosses around the 11167.51-11490.19 section, it is expected to form a bottom section. If support is found in the 11805.0-12131.13 section, it is expected to continue the upward trend from a mid- to long-term perspective. (1D chart) The 11167.51-11490.19 section mentioned in the 1W chart refers to the maximum section 10492.50-11490.19. You need to wiggle up and down to form a floor. This oscillation forms a bottom as the period of volatility is shortened and the movement emerges within a certain sideways interval. However, there must be movement above 10492.50. ------------------------------------------------------------ ----------------------------------------------------- ** All indicators are lagging indicators. Therefore, it is important to be aware that the indicator will move accordingly as price and volume move. However, for the sake of convenience, we are talking in reverse for the interpretation of the indicator. ** The MRHAB-T indicator used in the chart is an indicator of our channel that has not been released yet. ** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.) ** Support or resistance is based on the closing price of the 1D chart. ** All descriptions are for reference only and do not guarantee a profit or loss in investment. (Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry can be made through split trading. It is a short-term investment perspective.) ---------------------------------
TVC:IXIC
by readCrypto
Daily Market Update for 6/28Summary: Consumer Confidence data shocked investors as it hit a 16-month low and raised worries over slower economic growth. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, June 28, 2022 Facts: -2.98%, Volume higher, Closing Range: 1%, Body: 79% Red Good: Nothing Bad: Drop below 21d EMA, higher volume, closing range Highs/Lows: Lower high, Lower low Candle: Huge red body below a long upper wick Advance/Decline: 0.26, four declining stocks for every advancing stock Indexes: SPX (-2.01%), DJI (-1.56%), RUT (-1.86%), VIX (+5.23%) Sector List: Energy (XLE +2.70%) and Utilities (XLU -0.37%) at the top. Technology (XLK -3.00%) and Consumer Discretionary (XLY -3.99%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Consumer Confidence data shocked investors as it hit a 16-month low and raised worries over slower economic growth. The Nasdaq fell by -2.98% with higher volume than the previous day. The 79% red body is below a long upper wick which formed right at the open before the economic data was available. The market sold off the rest of the day, leaving the Nasdaq with a 1% closing range. There were four declining stocks for every 1 advancing stock. The S&P 500 (SPX) was the next worst-hit index, falling by -2.01%. The Russell 2000 (RUT) declined by -1.86%. The Dow Jones Industrial Average (DJI) closed the day -1.56% lower. The VIX Volatility Index rose by +5.23%. Only one of the eleven S&P 500 sectors gained. Energy (XLE) followed oil prices higher and closed up by +2.70%. The worst two sectors for today were Technology (XLK -3.00%) and Consumer Discretionary (XLY -3.99%). CB Consumer Confidence came in at 98.7, lower than the forecast of 110.4. API Weekly Crude Oil Stock showed much higher demand than expected with inventories falling by -3.799 million barrels compared to the expectation of -0.110 million barrels. The US Dollar Index (DXY) rose to +0.52%. US 30y, 10y, and 2y Treasury Yields all declined. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices moved opposite of Treasuries, declining for the day. Brent Oil rose to $113.54 a barrel. The put/call ratio ended the day at 0.810. The CNN Fear & Greed index moved back to the edge of Extreme Fear. All big six mega-caps declined. Meta (FB) had the biggest decline, falling by -5.20%. Apple (AAPL) had the smallest decline, but still lost -2.98% of its value today. Exxon Mobile (XOM) and Chevron (CVX) topped the broader mega-cap list, advancing by +2.77% and +1.61%. Nvidia (NVDA) was at the bottom of the mega-cap list, falling by -5.26%. The entire Daily Update Growth List declined today. Twitter (TWTR) held up the best, losing only -1.02% while much of the declined by more than 5%. Peloton (PTON) had the biggest decline, losing -8.62% and landing at the bottom of the growth list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead An update on GDP numbers for Q1 will be released in the morning. Fed Chair Jerome Powell is scheduled to speak at 9:00 am. Crude Oil Inventories get a weekly update after the market opens. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq fell back below the 21d EMA. If the index would return to the trend line from the 6/16 low, that would require a +4.53% gain. The gain required to get back to the five-day trend line is only slightly better, requiring a +3.69% gain. If the one-day trend line were to continue into Wednesday, that would mean another -4.14% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Big tech and growth stocks took another hit as Consumer Confidence dips on inflation worries. The US Dollar's continued strength relative to other currencies is also a headwind for large multinationals who need to repatriate a large portion of their revenues, bringing the forecast for top line and bottom line performance down. The lower market outlook for US companies is reflected in the widening gap between Corporate bond yields and Treasury bond yields. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Nasdaq 100 - A fake rally or a genuine one? On 21st June 2022, we abandoned our short-term bearish bias on the Nasdaq 100 index. Since then, the index has grown approximately 8%. However, we are again slowly turning bearish on the index as we think the current pricing starts to be attractive for short trade (re)entry. Despite that, we remain cautious and abstain from setting a price target for NQ1!. We will monitor the ability of NQ1! to stay above/below its 20-day SMA. Fundamental factors The negative factors like higher interest rates and economic tightening continue to persist. Moreover, in our opinion, these factors are poised to worsen as the FED officials are set to pursue more rate hikes and shrink the balance sheet. As a result, we expect that to drag the Nasdaq 100 index lower. Illustration 1.01 The price retraced toward its 20-day SMA, representing a downtrend correction. Technical analysis - daily time frame RSI, MACD, and Stochastic are bullish. DM+ and DM- performed a bullish crossover. The ADX contains a relatively low value, suggesting the trend is very weak or neutral. Overall, the daily time frame is bullish. Illustration 1.02 Illustration 1.02 shows simple support and resistance levels for NQ1!. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame stays 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
CME_MINI:NQ1!Short
by Tradersweekly
11
Daily Market Update for 6/27 Summary: After one of the best weekly gains of the year, the index kicked this week off with a pullback. Growth stocks led stocks lower, but small caps held onto gains for the day. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, June 27, 2022 Facts: -0.72%, Volume lower, Closing Range: 20%, Body: 72% Red Good: Stay above 21d EMA, higher high, higher low, volume lower on decline Bad: Closing range Highs/Lows: Higher high, Higher low Candle: Thick red body between small upper and lower wicks Advance/Decline: 0.78, more declining than advancing stocks Indexes: SPX (-0.30%), DJI (-0.20%), RUT (+0.34%), VIX (-1.03%) Sector List: Energy (XLE +2.93%) and Utilities (XLU +0.81%) at the top. Communications (XLC -0.95%) and Consumer Discretionary (XLY -1.05%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview After one of the best weekly gains of the year, the index kicked this week off with a pullback. Growth stocks led stocks lower, but small caps held onto gains for the day. The Nasdaq declined by -0.72% after gaining +7.49% last week. Volume was much lower than Friday's 80% surge in volume. The 73% red body sits below a tiny upper wick and slightly longer lower wick. The index started the day with gains, but then moved lower, ending with a closing range of 18%. There were more declining than advancing stocks. The Russell 2000 (RUT) held onto gains for the day, advancing by +0.34%. The S&P 500 (SPX) closed -0.30% lower and the Dow Jones Industrial Average (DJI) declined by -0.20%. The VIX Volatility Index declined by -1.03%. Only three of the eleven S&P 500 sectors gained today. Energy (XLE +2.93%) and Utilities (XLU +0.81%) were the top two sectors. Communications (XLC -0.95%) and Consumer Discretionary (XLY -1.05%) had the largest declines. Durable Goods Orders in May were higher than expected, rising 0.7% month-over-month compared to the expectation of 0.1%. Pending Home Sales for May were expected to decline by -3.7% but instead rose by 0.7%. The US Dollar Index (DXY) declined by -0.17%. US 30Y, 10Y, and 2Y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Brent Oil rose by +2.36% and topped $110 a barrel again after new sanctions against Russia were proposed. The put/call ratio (PCCE) rose to 0.761. The CNN Fear & Greed Index is back in the Fear range after being in Extreme Fear early last week. The NAAIM Money Manager Exposure index dropped to 19.86 last week. All big six mega-caps declined today. Of the six, only Meta (FB) is below its 21d EMA. Alphabet (GOOG) is the only of the big six above both the 21d EMA and 50d MA. Exxon Mobile (XOM) was the top mega-cap of the day, gaining by +2.45% as oil prices rose again. Amazon (AMZN) was at the bottom of the broader mega-cap list, declining by -2.78%. Most of the Daily Update Growth List declined today, but there were some gainers. RobinHood (HOOD) had the best gain, advancing by +14.00% after an upgrade by Goldman Sachs. Sea Limited (SE) was at the bottom of the growth list with a -6.74% decline today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead CB Consumer Confidence for June will publish after the market opens. We will also get the Goods Trade Balance and Retail Inventories for May. Later in the afternoon, the API Weekly Crude Oil Stock will publish. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq rallied in the first few minutes of the market but then faded the rest of the day. The low held well above the 21d EMA. If the index returns to the five-day trend line, that would meet up with the trend line from the 6/16 low and result in a +1.92% gain for Tuesday. The one-day trend line leads to a -0.32% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up After the massive volume on Friday and the weekly gains of over 7%, it's not a huge concern if the market pulls back a bit. The low of the day is well above the low of last Friday and volume was lower as the index declined. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Here's Why the Tech-Led Selloff is Likely Over (for now)In this post, I will attempt to provide evidence to show why the tech-led selloff is likely to be over (for now). I will use the Nasdaq 100 (QQQ) and its inverse derivative, SQQQ, as my argument's basis. The inverse (short) ETF of the Nasdaq, SQQQ, has never closed a weekly candle above the Leading Span B of the Ichimoku Cloud (pink line in chart). Last week and the previous week, the weekly candle was very strongly resisted at this level. Now, the weekly and monthly momentum oscillators started to move in the opposite direction. This will not only make it much harder for SQQQ to pierce the line, but it could also result in SQQQ plummeting quickly, and therefore QQQ and the Nasdaq rebounding quickly. For comparison, many data points are covered in this chart, and there is a high statistical probability that the Nasdaq has bottomed. Not even during the peak fear of COVID-19, when the global economy shut down and governments feared millions of deaths, did SQQQ pierce the weekly Ichimoku Cloud. In December 2018 when the Fed was starting to rapidly roll off assets on its balance sheet and was raising interest rates, SQQQ still did not pierce the cloud. This fear is very similar to today's fear. Even further back, not even during the major flash crash in 2015 or on Black Monday in 2011 when the market crashed did SQQQ pierce the cloud. Today, hardly anyone remembers these episodes in stock market history. Similarly, in ten years or so, few people (except maybe those who sold all their positions at the market bottom) will remember what happened in May 2022. The NDTH is a chart of the percentage of Nasdaq 100 stocks that are above their 200-day moving average. It dropped to nearly 10 in May 2022, meaning almost 90% of Nasdaq 100 stocks were below their 200-day moving average. The last time this level was reached was in March 2020 right at the bottom of the COVID market crash. The NDTH has never dropped below 15 except during significant bottoms on the Nasdaq. There are many other examples in which the charts suggest, with high probability data, that we just experienced a significant bottom on the Nasdaq 100. (Eg. The Nasdaq 100 was supported on the monthly base line, the monthly candle is extremely bullish, the monthly EMA ribbon of the QQQ/SPY ratio chart strongly held the outperformance trend in place, inflation and interest rate charts are cooling. Although this may be a significant bottom, it does not mean a years-long bull span is ahead. Rather the charts suggest the panic selling has ended for at least the short to intermediate-term. To be fair, some charts suggest that the QQQ/SPY outperformance trend could be nearing the end of its decades-long run. (Credit to @Breakout_Charts for identifying this) If this occurs, then it could be the start of a new cycle, or even super cycle, whereby the Nasdaq underperforms for years. Finally, a point about market psychology. Bottoms occur when 'extreme fear' turns into just 'fear' (yes, there's actually an indicator that measures this). That indicator has moved significantly from 'extreme fear' towards 'fear'. With this said, there might be a lot of people who might comment on this post and say scary-sounding things about the state of the economy or stock market. If none of these fears existed among market participants, we would never even have gotten to this bottom. Never sell because of fear alone. Not financial advice. As always anything can happen. Just my thoughts. Leave a like if this was helpful and you'd like me to post more analyses. Please feel free to comment below if you have additional thoughts.
NASDAQ:SQQQEducation
by SpyMasterTrades
5
The end of MMTThis is quite symbolic graph comparing NASDAQ Composite Index to the interest rates since the end of gold standard in USA in 1971 and beginning of the Modern Monetary Theory where FED economists thought country can't bankrupt because always more money can be printed. Each time since 1971 when there was a crisis and stock market going down the best solution was QE (quantitative easing) to flood economy with more printed money, each time however decreasing the living standards for people because of inflation . And here we are now when the rates are nearly zero and we are facing next big crisis, but first time since 1970's according to MMT the central bank can't lower interest rates because we are already at the bottom, there is no speace for easing. How this will end? Nothing good is waiting for us in the nearest future in my opinion. There is high inflation and to stop it the interest rates would have to be much higher, even double digits in the US and Europe but central banks won't like to do this because the countries have huge debts and high interest rates means they could just go bankrupt (which would be the best option - let it bankrupt and clear this economy). I think hitting the ground will be very hard.
NASDAQ:IXIC
by UnknownUnicorn29290293
Nasdaq 100 - A new low confirms that downtrend will continueToday, the Nasdaq 100 index erased its gains from the preceding day, hitting all our previous price targets for NQ1! and QQQ. Therefore, we would like to update our thoughts on the index. We remain bearish due to fundamental factors pointing to a strong recession. However, technical factors also support this pessimistic thesis. Due to that, we would like to set a new price target for NQ1! at 10 500 USD and 10 000 USD. We would also like to set a new price target for QQQ at 265 USD and 260 USD. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.01 Moving averages continue to confirm the downtrend. Although volume declines slightly, we will pay close attention to it. If volume continues to fall further, it might foreshadow an upcoming “bear market rally.” However, if the support is broken, then the selloff is likely to accelerate. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
NASDAQ:QQQShort
by Tradersweekly
6
Nasdaq100 The Nasdaq100 NASDAQ:NDX couldn’t hold above the support levels mentioned in our last report at 11376 points and opened the week with a gap below the significant 50%Fib. Level to open at 11472 points signaling that the bears are controlling the market backed by the bad news of the economy, then bears confirmed their control after the FED rate hike of 0.75 % last Wednesday to raise the interest rate to 1.75% and that will be reflected and affecting the earning results of the companies next month, breaking the 200EMA this week and closing below this level at 11265 points is the first confirmation of beginning a bear market on the medium term and may be the beginning of a downtrend on longer term. The NASDAQ:NDX may witness a rebound to test the level of 11376 again and failing to penetrate this level or forming a lower high before even testing this level will be the second bearish signal for the index and that will lead the NASDAQ:NDX to more losses and we may witness panic selloff sessions, especially if the NASDAQ:NDX break the 10600 points level which is the most important and significant level on the medium term. Investors with long positions are advised to use a disciplined risk management tools and activate the stop loss with all trades firmly Investors with short positions are advised to use just 30% of their cash and use the trailing stop and the protective stop strategy NASDAQ:NDX TVC:NDQ NASDAQ:QQQ NASDAQ:TQQQ AMEX:PSQ NASDAQ:SQQQ AMEX:SPY SP:SPX AMEX:SPXS TVC:DJI AMEX:SPY AMEX:DIA AMEX:DXD AMEX:DOG NASDAQ:IXIC
NASDAQ:NDX
by IsmailAbdulMeguid
Daily Market Update for 6/17Summary: Big tech and growth stocks recovered some of the heavy losses from Thursday's selling. The bounce comes at the end of one of the worst weeks in the market since the start of the pandemic. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 17, 2022 Facts: +1.43%, Volume higher, Closing Range: 65%, Body: 41% Green Good: Gain on higher volume, closing range good Bad: A/D ratio, long upper wick Highs/Lows: Higher high, Higher low Candle: Small body under a longer upper wick, short lower wick Advance/Decline: 0.32, three declining for every advancing stock. Indexes: SPX (+0.22%), DJI (-0.13%), RUT (+0.96%), VIX (-5.52%) Sector List: Communications (XLC +1.43%) and Consumer Discretionary (XLY +1.09%) at the top. Utilities (XLU -0.93%) and Energy (XLE -5.47%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Big tech and growth stocks recovered some of the heavy losses from Thursday's selling. The bounce comes at the end of one of the worst weeks in the market since the start of the pandemic. The Nasdaq rose by +1.43%. Volume was at its highest since March. The rally reached the intraday high and then subdued, leaving behind a longer upper wick and a 65% closing range over a 41% green body. The gains were not broadly shared. For every advancing stock, there were three declining stocks. The Russell 2000 (RUT) gained +0.96%. The S&P 500 (SPX) climbed by just +0.22% and the Dow Jones Industrial Average (DJI) declined by -0.13%. The VIX Volatility Index fell by -5.52% but remains elevated. Only five of the S&P 500 sectors gained. Communications (XLC +1.43%) and Consumer Discretionary (XLY +1.09%) were the top gainers, while Utilities (XLU -0.93%) and Energy (XLE -5.47%) had the biggest declines. Industrial Production for May grew by only 0.2% compared to the expectation of 0.4%. The US Dollar strengthened with the index (DXY) rising by +0.82%. US30y, 10y, and 2y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. Brent Oil fell sharply to $111.43 a barrel. The fall in oil prices sent the Energy (XLE) sector lower. Timber, Copper, and Aluminum were all lower for the day. The put/call ratio rose to 1.24, another high reading at the close. The CNN Fear & Greed Index is in Extreme Fear. The NAAIM Money Manager Index fell to 32.18 from 50 last week. All of the big six mega-caps gained Friday. Amazon (AMZN) gained +2.47% for the day, beating the other five. Microsoft (MSFT) had the smallest gain but still rose by +1.09%. The big six topped the broader mega-cap list along with Nvidia (NVDA) which gained by +1.79% today. At the bottom of the mega-cap list were Chevron (CVX) and Exxon Mobil (XOM) which fell by -4.57% and -5.77%. Growth stocks did well today. The Daily Update Growth List has only three declining stocks. The biggest gain was by Enphase (ENPH) which rose by +8.94%. Just behind it was another new energy stock, Solar Edge (SEDG) which climbed by +8.44%. UP Fintech (TIGR) was at the bottom of the list, declining by -4.03%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Markets will be closed on Monday for the Juneteenth holiday. On Tuesday morning, we will get the Existing Home Sales data for May. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq opened with a whipsaw action in the morning before climbing to the intraday high in the early afternoon. If the one-day trend line continues into Tuesday, we can expect a +1.35%. If the index returns to the five-day trend line, that would mean a -0.75% decline. A return to the trend line from the 6/2 high would mean a -4.19% decline to start the short week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The gain on high volume is positive for the Nasdaq, but it was confined to a small percentage of stocks in the index. We need those gains to be shared more broadly across the index to build support for further improvements. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
NASDAQ : IXIC to bounce back Quickly to be in Parallel ChannelI'm expecting some bounce back in NASDAQ:IXIC as per my Technical Analysis. It has moved out of Parallel Channel which it was following since start of this year. It is currently following a downward trendline. On Upside, it can touch levels of 11384 really quick, as bounce from current levels would be sharp. Chances of fall looks bleak, but if it does then it should follow downward parallel channel and as per Fibonacci Retracement it should touch levels of 10268 not before July 29th. Goodtime to put money in Quality Megacap stocks of NASDAQ like NASDAQ:AAPL NASDAQ:MSFT NASDAQ:INTU .
NASDAQ:IXICLong
by simplyansh
Nasdaq 100 - Institutions sell their assets at a record pace!After the bear market rally, the Nasdaq 100 index made a new low in tandem with our expectations. Currently, the price of the Nasdaq 100 index exhibits rounding on the hourly chart. We will pay close attention to this development and volume levels, especially as it gets closer to the FOMC. Further, we expect the FED to worsen the economic situation, eventually culminating in a stronger selloff. Ahead of the FOMC and throughout it, we will seek declining volume accompanying the rising price of NQ1!. That will be a bearish sign of a faltering rally (in today's price). Overall, we maintain a bearish outlook on the Nasdaq 100 index. Our new price target for NQ1! is 11 250 USD and 11 000 USD. Our new price target for QQQ is 275 USD and 270 USD. Fundamental factors News outlets report that institutions are selling their assets at a record pace. Today, the FED is likely to raise interest rates by 75-100 bps. If it proceeds with 100bps, then that would be the biggest rate hike since the 1990s. We expect this to weigh on the economy and drag it lower. Additionally, we expect the same from the reduction of the FED's balance sheet. Illustration 1.01 The picture shows the actual rounding on the hourly chart. We will monitor it closely as there is potential for the cup and handle pattern to form. That will be a bearish development. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 NQ1! trades around November 2020 value. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
NASDAQ:QQQShort
by Tradersweekly
8
Daily Market Update for 6/15Summary: The Fed increased interest rates by 75 basis points as many expected after last week's inflation data. Initially, the market dipped, but then a rally came after Jerome Powel's comments following the rate hike. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, June 15, 2022 Facts: +2.50%, Volume higher, Closing Range: 62%, Body: 35% Green Good: Advance on higher volume, closing range, A/D ratio Bad: Long upper wick after buying slowed Highs/Lows: Higher high, Higher low Candle: Medium body in center of candle, longer upper wick Advance/Decline: 1.98, two advancing for every one declining stock Indexes: SPX (+1.46%), DJI (+1.00%), RUT (+1.36%), VIX (-9.39%) Sector List: Consumer Discretionary (XLY +2.81%) and Real Estate (XLRE +2.29%) at the top. Materials (XLB -0.03%) and Energy (XLE -2.21%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The Fed increased interest rates by 75 basis points as many expected after last week's inflation data. Initially, the market dipped, but then a rally came after Jerome Powel's comments following the rate hike. The Nasdaq advanced +2.50% on higher volume than the previous session. The candle has a 35% green body underneath a longer upper wick and a 62% closing range. Both the lower wick and upper wick came after the Fed's interest rate decision. The lower wick formed on the decision and the upper wick formed after public comments by Jerome Powell. There were two advancing stocks for every declining stock. The S&P 500 (SPX) was the second-best index, rising by +1.46% today. The Russell 2000 (RUT) advanced by +1.36%. The Dow Jones Industrial Average (DJI) rose by +1.00%. The VIX Volatility Index declined by -9.39%. Nine of the eleven S&P 500 sectors gained. Consumer Discretionary (XLY +2.81%) and Real Estate (XLRE +2.29%) were at the top. Materials (XLB -0.03%) and Energy (XLE -2.21%) were the two losing sectors. The decline in Energy was likely related ot the decline in Brent Oil prices. Core Retail Sales, which excludes automobiles, grew by 0.5% in May compared to the expectation of 0.8%. Including automobiles, total Retail Sales declined by -0.3% . The Export Price Index rose by 2.8% while the Import Price Index declined by -0.6%, the impact coming from the strong US Dollar. Crude Oil Inventories were higher than expected, rising by 1.96 million barrels. The forecast was for a -1.314 million barrel shortage. The US Dollar Index (DXY) declined by -0.6%. The US 30y, 10y, and 2y Treasury Yields all declined as the yield curve continues to recover from its inversion earlier this week. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices both followed Treasury bond prices higher and the spread between corporate junk bonds and short-term treasuries narrowed. Brent Oil dropped to $116 a barrel. Timber, Copper, and Aluminum prices rose after selling off sharply for several days. The put/call ratio dipped below 0.7 but then ended the day at 0.933. The CNN Fear & Greed index remained in the Extreme Fear range. All big six mega-caps gained. Tesla (TSLA) led the gains with a +5.48% advance, followed closely by Amazon (AMZN) which gained by +5.24%. All six charts showed good gains on higher volume, but there is still much work to do before showing any strength. Tesla and Amazon were also the top stocks in the broader mega-cap list, followed by Nvidia (NVDA) which gained by +4.36%. The big energy companies of Exxon Mobil (XOM) and Chevron (CVX) were at the bottom of the list, declining by -1.26% and -1.96% respectively. There were only five declining stocks on the list. All but two stocks in the Daily Update Growth List gained today. Beyond Meat (BYND) was the top stock on the list, soaring by +13.95%. Many of the top gainers in the list today were stocks that were the most beaten down in recent months. RobinHood (HOOD) was at the bottom of the list, declining by -2.49%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Building Permits and Housing Starts for May will be published tomorrow morning. We will also get the weekly Initial Jobless Claims and the Philadelphia Fed Manufacturing Index for June. Adobe (ADBE), Kroger (KR), and Jabil (JBL) will release their earnings on Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq opened with a gap-up but filled the gap after the interest rate decision. The index then had a quick rally after the public statement by Jerome Powell. If the one-day trend line continued into Thursday, that would mean a +1.13% gain. The steep five-day trend line points to a -4.35% decline. The trend line from the 6/2 high is even steeper, pointing to a -6.33% decline for Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Is the rally after the Fed interest rate hike good news for investors? Let's wait and see. Last month, the market rallied in the afternoon following the Fed's interest rate decision. And then it dumped for two days. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
First Time This Has Ever Happened for Tech StocksSQQQ is the ETF that tracks the Nasdaq 100 ETF (QQQ) inversely. When tech stocks fall, SQQQ rises. Traders therefore use SQQQ to short tech stocks. This is the first time, in its 12-year history, that SQQQ shows a fully red heatmap of the daily timeframe. A fully red heatmap represents extremely overbought conditions. This is worse than the bottom in March 2020 and the bottom in 2018. This heatmap reflects that too many traders are too fearful of tech and growth stocks right now as they have all switched to shorting them. Although it's hard to predict bottoms, this indicator coupled with the extremely low NDTH value (the percentage of Nasdaq 100 stocks that are above their 200-day moving average) could indicate that peak fear is occurring right now and that a potential rally will occur soon. The last time the NDTH was this low was on the exact day of the March 2020 bottom. Therefore, even in a recession, these values suggest bottoms.
NASDAQ:SQQQ
by SpyMasterTrades
12
Daily Market Update for 6/14Summary: A wait-and-see day ended with a further dip across the market, but a bounce in technology stocks helped the Nasdaq end the day with a gain. Investors' full attention is on the Fed's rate-hike decision on Wednesday. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, June 14, 2022 Facts: +0.18%, Volume lower, Closing Range: 49%, Body: 36% Red Good: Ok closing range Bad: Lower high, lower low, A/D ratio weak Highs/Lows: Lower high, Lower low Candle: Thin red body in upper half of candle, long lower wick Advance/Decline: 0.61, three advancing for every two declining stocks Indexes: SPX (-0.38%), DJI (-0.50%), RUT (-0.39%), VIX (-3.91%) Sector List: Technology (XLK +0.63%) and Energy (XLE +0.19%) at the top. Consumer Staples (XLP -1.18%) and Utilities (XLU -2.53%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview A wait-and-see day ended with a further dip across the market, but a bounce in technology stocks helped the Nasdaq end the day with a gain. Investors' full attention is on the Fed's rate-hike decision on Wednesday. Nasdaq advanced by +0.18%. Volume was much lower than the previous day as most investors are waiting for Wednesday's Fed meeting. A 36% red body sits above a long lower wick that formed late in the session as the index dipped to a lower low before recovering some of the losses and ending with a 49% closing range. There were three declining stocks for every two advancing stocks. The other major indexes retreated further. The Dow Jones Industrial Average (DJI) declined by -0.50%. The S&P 500 (SPX) lost -0.38%. The Russell 2000 (RUT) fell by -0.39%. The VIX Volatility Index retreated from its high level the previous day, declining by -3.91% today. Two of the eleven S&P 500 sectors gained. Technology (XLK +0.63%) and Energy (XLE +0.19%) had the gains after steep declines yesterday. Consumer Staples (XLP -1.18%) and Utilities (XLU -2.53%) had the biggest declines today. Produce Price Index data didn't do much to reduce fears over inflation, but it didn't add any fuel to the fire. The Core PPI came in a 0.5% month-over-month compared to the forecast of 0.6%. Total PPI, which includes food and energy, matched the expectation of a 0.8% month-over-month increase. The US Dollar Index (DXY) continued its climb, rising by +0.26% today. The Yield curve nearly reverted from yesterday's inversion but is still at a very narrow spread. The 30y, 10y, and 2y yields all dipped and the 2y yield dropped back below the 30y yield. High Yield (HYG) Corporate Bond prices rose for the day but Investment Grade (LQD) Corporate Bond prices continued to fall. Brent Oil is back below $120 a barrel. Timber and Copper/Aluminum Futures continue to fall. The put/call ratio (PCCE) remained bearish but fell to 1.09. The CNN Fear & Greed index is in the Extreme Fear range. Four of the big six mega-caps gained. Tesla (TSLA) had the biggest gain with a +2.39% advance today. Amazon (AMZN) declined by -1.31% today. Alibaba (BABA) continues to swing up and down, finding itself at the top of the broader mega-cap list today with a +6.81% gain. Coca-Cola Company (KO) was at the bottom of the list, declining by -3.44%. The top four gaining stocks in the Daily Update Growth List were Chinese companies. NIO Technologies (NIO) topped the list with a +16.70% gain. At least half of the list advanced today. RH (RH) had the biggest loss, declining by -4.91%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Several economic indicators will publish in the morning. Retail Sales and Export/Import Price Index for May are due before the market opens. Weekly Crude Oil Inventories are due after the market opens. None of those will likely impact market direction. Investors are waiting for the Fed Interest Rate Decision which will come at 14:00. That will be followed by closely-watched remarks from Jerome Powell as he carefully lands their economic assessment and Fed strategy to control inflation without causing a recession. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq set a lower low in the afternoon before recovering enough to gain for the day. If the one-day trend line continues, it will result in a -0.13% decline for Wednesday. The trend line from the 6/2 high points to a -1.19% decline. Following the five-day trend lien would result in a -5.89% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up We wait for the Fed. Then we wait for the market reaction. Some analysts see a 75 basis point increase as a good thing that the Fed is willing to follow the data instead of a pre-determined plan. Others see such a rate hike as guaranteeing a recession. So it is not clear whether the market reaction will be good or bad to a 50 basis point increase nor whether it will be good or bad with a 75 basis point increase. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
4
Daily Market Update for 6/13Summary: Markets capitulated in grandiose style with eleven stocks declining for every advancing stock on the Nasdaq. Both stock and bond prices dropped sharply as worries about inflation grew. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, June 13, 2022 Facts: -4.68%, Volume lower, Closing Range: 12%, Body: 60% Red Good: Nothing Bad: Everything Highs/Lows: Lower high, Lower low Candle: Gap down leads to thick red body and small tiny wick with low closing range Advance/Decline: 0.09, more than eleven stocks decline for every advancing stock Indexes: SPX (-3.88%), DJI (-2.79%), RUT (-4.76%), VIX (+22.59%) Sector List: Consumer Staples (XLP -2.16%) and Financials (XLF -2.98%) at the top. Real Estate (XLRE -4.81%) and Energy (XLE -5.22%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Markets capitulated in grandiose style with eleven stocks declining for every advancing stock on the Nasdaq. Both stock and bond prices dropped sharply as worries about inflation grew. The Nasdaq fell by -4.68% on higher volume than the previous trading day. The index opened with a gap-down for the second day and proceeded to sell off creating a thick red body with a short lower wick. The 60% red body is below a short upper wick created just after the opening. A tiny lower wick was left after a 12% closing range. There were more than eleven stocks that declined for every advancing stock. The Russell 2000 (RUT) did even worse, declining by -4.76%. Both the Nasdaq and the Russell 2000 are more than 30% lower than their all-time-highs. The S&P 500 (SPX) entered a bear market with a -3.88% decline today. The Dow Jones Industrial Average (DJI) fell by -2.79%. The VIX Volatility Index soared by +22.59%. All eleven S&P 500 sectors declined. Consumer Staples (XLP -2.16%) and Financials (XLF -2.98%) were the best performing but still declined by more than 2%. Real Estate (XLRE -4.81%) and Energy (XLE -5.22%) were at the bottom of the list. The US Dollar Index (DXY) made a new high, rising by +0.97% today. US 30y, 10y, and 2y Treasury Yields rose sharply as bonds sold off. The yield curve inverted once again, reflecting the poor outlook analysts have for the near-term economy. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices dumped as well and the gap between junk bonds and treasury bonds grew to its widest since 2020. The put/call ratio rose to 1.36. That's the highest closing level since March of 2020. The CNN Fear & Greed index moved back into Extreme Fear. All big six mega-caps fell. Tesla (TSLA) had the biggest loss, declining by -7.10%. Apple (AAPL) held up the best but still lost by -3.83%. None of the stocks in the broader mega-cap list gained. Coca-cola (KO) performed the best, declining only -0.11%. Alibaba (BABA) was the biggest loser, declining by -10.31% to land at the bottom of the list. Beyond Meat (BYND) topped the Daily Update Growth List, but still declined by -2.58%. Only five stocks on the list declined less than 5%. DraftKings (DKNG) had the biggest loss, declining by -15.80%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead We'll get Producer Price Index data tomorrow which is a forward-looking measure of inflation. Producers pass higher prices along to consumers. API Weekly Crude Oil stock comes in the afternoon. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq dropped below 11,000 early in the session and continued lower. This is the first close below 11,000 since October 2020. If the index returns to the downward regression trend line from the 6/2 high, that would require a +1.97% advance for tomorrow. The one-day trend line points to a -0.67% decline. Following the five-day trend line, would result in a -1.61% decline for Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Ouch. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Tech Stocks This chart highly suggests that capitulation and peak fear is finally here. This is the chart of SQQQ, which is the inverse derivative of QQQ, which in turn tracks the Nasdaq 100. There's virtually no way that SQQQ's price can sustain a gap up like this on a weekly time frame. The gap is extremely likely to close and the price will move back below the Ichimoku Cloud resistance by the end of the week. Those who are just now selling tech and growth stocks because of inflation are capitulating. Inflation and rate hikes have been evident in the charts for over a year, and it, therefore, makes no sense to just now be selling tech. See my post here for why I believe this is the bottom for tech: With this said, if SQQQ does indeed close the week above the Ichimoku Cloud resistance and EMA exp ribbon then we're looking at a market crash. Statistically, this is highly unlikely to be the case though. The NDTH is far too low for QQQ to break down and crash just now. We are in peak fear/peak inflation/peak capitulation this week. In fact, this is a super good risk-to-reward entry. One can enter TQQQ/QQQ/tech this week and stop out on Friday if support breaks at the weekly close. If support holds, you would have bought in at the absolute bottom. If the Fed hikes rates by 75 bps on Wednesday, it's quite likely that the markets will quickly rally from this low. Not financial advice. Anything can happen. Trends can break.
NASDAQ:SQQQShort
by SpyMasterTrades
Daily Market Update for 6/10Summary: Inflation data came in worse than expected sending stock and bond prices falling. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 10, 2022 Facts: -3.52%, Volume lower, Closing Range: 5%, Body: 85% Red Good: Lower volume on decline Bad: Gap down, low closing range, advance/decline ratio Highs/Lows: Lower high, Lower low Candle: Gap down at open, mostly red body Advance/Decline: 0.18, more than five declining stocks for every advancing stock Indexes: SPX (-2.91%), DJI (-2.73%), RUT (-2.73%), VIX (+6.36%) Sector List: Consumer Staples (XLP -0.43%) and Utilities (XLU -0.77%) at the top. Technology (XLK -3.84%) and Consumer Discretionary (XLY -3.99%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Inflation data came in worse than expected sending stock and bond prices falling. The Nasdaq lost -3.52%. Volume was lower than the previous day, but the gap-down and low closing range of 5% represented a broad sell-off where five stocks declined for every advancing stock. The 85% red body left behind a small upper and lower wick. The tech-heavy Nasdaq was hit the worst. The S&P 500 (SPX) fell by -2.91%, also weighed down by the tech mega-caps. The Dow Jones Industrial Average (DJI) and Russell 2000 (RUT) both declined by -2.73%. The VIX Volatility index rose by +6.36%. All eleven S&P 500 sectors declined. The defensive sectors of ] Consumer Staples (XLP -0.43%) and Utilities (XLU -0.77%) held up the best. The growth sectors of Technology (XLK -3.84%) and Consumer Discretionary (XLY -3.99%) had the worst declines. The Core Consumer Price Index, which excludes food and gas, rose by 6.0% year-over-year. The expectation was 5.9%. Adding back in food and gas and the CPI rose 8.6% year-over-year compared to the expectation of 8.3%. Michigan Consumer Sentiment fell to 50.2, from the previous level of 58.4. The expectation was 58.0. Consumer Expectations also fell more than expected, coming in at 46.8 compared to the expectation of 54.5. The US Dollar Index (DXY) rose by +0.85%. US 30y, 10y, and 2y Treasury Yields all rose. The gap between long-term and short-term yields narrowed sharply. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices both declined, giving back all the gains over the past few weeks. Brent Oil fell to $120 a barrel. Timber (WOOD) fell to its lowest point since the end of 2020. Copper and Aluminum Futures were also sharply lower. The put/call ratio ended the day at 1.13, a bearish reading. The CNN Fear & Greed Index fell back toward Extreme Fear but ended the day in the Fear range. All big six mega-caps declined. Amazon (AMZN) had the biggest loss, declining by -5.60%. Alphabet (GOOG) had the smallest loss of the six but still declined by -3.04%. Only one mega-cap in the broader list advanced today. Walmart (WMT) closed the day with a +0.56% gain. The biggest loser on the list was Nvidia (NVDA) which declined by 5.95%. JD.com (JD) was the only stock in the Daily Update Growth List that gained on Friday. DocuSign (DOCU) fell by -24.53% after missing earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There is not much economic news scheduled for Monday. Investors will be awaiting the Fed's interest rate decision on Wednesday which is expected to by a 50 basis point increase. Oracle (ORCL) will release earnings on Monday after the closing bell. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq gapped down and then hit the daily low in the morning. A rally in the afternoon failed, resulting in a low closing range. If the index returns to the trend line from the 6/3 high, that would mean a +1.83% gain for Monday. The five-day and one-day trend lines both point to a +0.26% gain to start the week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Ouch. Inflation data was worse than expected and the worst year-over-year price increases since the early 1980s. Produce Price Index data comes out on Tuesday and that may help ease some fears if it's better than expected. But don't get your hopes up. The real influence will come on Wednesday when the Fed will need to explain how it can control inflation without putting the economy in recession. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
NASDAQ Forming BAT PATTERN !!!!Hello traders! As we have predicted in the previous analysis that #Nasdaq will touch 11500-12000 and look what we have after two days consecutive huge bearish rally! Now at this point Market is touching Its previous low (MAY) Support (i.e. 11824) which is just above its may lowest (i.e. 11487) So now from this point what we looking for! There are two scenarios is current circumstances: 1- Wait for the price to bounce from the support and confirmation of the BAT Pattern and then take a long position & aim for the first target. 2- If price break the support on Monday with huge momentum candle then join the bear army and target the may lowest i.e. 11400-11500. Enjoy your weekend because market gonna give tough time this Monday, considering CPI, Jobless claims & all that news stuff :) Please support us by liking if you agreed with our idea, else let us know in comments about your opinion :) Thank You and Good Luck.
NLong
by GreedyHarley
Nasdaq 100 - The FOMC threatens further rise of NQ1!Over the past week, the Nasdaq 100 index has been choppy. Meanwhile, the volatility has dropped and many analysts rushed to call the bottom for the stock market. We repeated several times that we do not believe this bullish narrative. Instead, we expressed our belief in the short-lived “bear market rally”. We still maintain this notion and expect the market to continue lower. Therefore, we would like to set a price target for NQ1! to 12 500 USD and 12 250 USD. Fundamental factors We expect the FED to raise interest rates next week, which in turn will put more pressure on the economy. At the same time, we expect economic tightening to further deteriorate the economic situation. As a result, we are bearish on the Nasdaq 100 index and the U.S. economy. Illustration 1.01 Illustration 1.01 shows the daily chart of NQ1!. The choppy price action occurs mostly within the neutral zone. We anticipate a breakout to the downside. Technical analysis - daily time frame RSI is neutral. The same applies to MACD. Stochastic oscillates in the bullish area. DM+ and DM- produce whipsaws. ADX suggests the trend is turning neutral. Overall, the daily time frame is neutral. Illustration 1.02 The picture above shows a series of false breakouts above the hourly downward sloping channel. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. 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.
CME_MINI:NQ1!Short
by Tradersweekly
Daily Market Update for 6/9Summary: Sellers took charge again as investor fears over inflation took hold ahead of the Consumer Price Index data due on Friday. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, June 9, 2022 Facts: -2.75%, Volume higher, Closing Range: 1%, Body: 72% Red Good: Nothing Bad: Broad declines on higher volume, low closing range Highs/Lows: Lower high, Lower low Candle: Large red body under a medium upper wick Advance/Decline: 0.25, four declining stocks for every advancing stock Indexes: SPX (-2.38%), DJI (-1.94%), RUT (-2.12%), VIX (+8.89%) Sector List: Consumer Staples (XLP -1.50%) and Consumer Discretionary (XLY -1.81%) at the top. Technology (XLK -2.67%) and Communications (XLC -3.07%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Sellers took charge again as investor fears over inflation took hold ahead of the Consumer Price Index data due on Friday. The Nasdaq fell by -2.75%, dropping below a channel that formed over the previous eight days. Volume was higher than the previous day. The 72% red body sits under an upper wick that formed in the early morning. The closing range of 1% came as selling accelerated in the late afternoon. There were four declining stocks for every advancing stock. The S&P 500 (SPX) declined by -2.38%. The Russell 2000 (RUT) lost -2.12%. The Dow Jones Industrial Average (DJI) fell by -1.94%. The VIX Volatility Index (VIX) rose by +8.89%. All eleven S&P 500 sectors declined. Consumer Staples (XLP -1.50%) and Consumer Discretionary (XLY -1.81%) had the smallest declines. Technology (XLK -2.67%) and Communications (XLC -3.07%) were the worst performers. The weekly Initial Jobless Claims rose to 229,000 compared to the expected 210,000. The US Dollar Index (DXY) rose by +0.74%. The US 30y Treasury Yield declined while the 10y and 2y yields rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Timber (WOOD) declined sharply on Thursday. The put/call ratio (PCCE) rose to 0.823. The CNN Fear & Greed index moved back toward Extreme Fear but is still in the Fear range. The NAAIM money manager exposure index rose to 50 from 34.3 the previous week. All big six mega-caps declined and all closed back below their 21d EMA. Meta (FB) had the biggest decline, falling by -6.43%. Tesla (TSLA) dropped by only -0.89% but lost gains from an early morning rally. Only two mega-caps in the broader list had gains today. Costco (COST) and Home Depot (HD) advanced by +0.87% and +0.78%, respectively. After topping the list for several days in the past week, Alibaba (BABA) dropped to the bottom of the list, declining by -8.13% today. The Daily Update Growth List also had only two gaining stocks. Chewy (CHWY) topped the list with a +2.62% gain. The biggest loser on the list was Block (SQ), which declined by -9.64%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Consumer Price Index data arrives in the morning before the market opens. After trading starts, the Michigan Consumer Sentiment, and Consumer Expectations data will be released. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance Just as I set a new support area at 12,000 on the chart, the Nasdaq fell below the line today breaking lower from an eight-day tight trading range. The index moved below the 12,000 area and closed below the 21d EMA. If the index is to return to the trend line from the 5/20 low, that would require a +5.37% gain which is not likely. If we can get back to the five-day trend line, that would mean a +2.32% gain. If the one-day trend line continues into Friday, that would result in a -1.59%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up All we can do now is wait for the CPI data for May. It could be investors priced in the bad news today because of the inflation warning from the ECB. If the data is higher than expected, we can expect more downward movement. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321