Makes sense for NASDAQ:NDX to get a bounce here as it is at the 1st Support level after the December breakout & it is Oversold.
NASDAQ:QQQE = Equal Weight #NASDAQ100
Never broke its ATH & it is Oversold on the daily chart.
Weekly charts put it in the middle of the range.
RSI needs to stay here to remain bullish.
$ Flow has slowly waned.
This Friday 9/15/23 is the quarterly event known as triple witching. The simultaneous expiration of three different types of derivative contracts happen. Triple witching is when the expiration of stock options, stock index futures, and stock index options all fall on the same day. This results in higher than average volume and volatility. Institutional investors...
The chart posted is that of the QQQE index we have reached the.618 relationship and will have issues here if and once we close above this point the final peak is then going to project a target at .786 golden ratio and will be WAVE A x 1.618 = WAVE C at the same point .786
So far it has been the big caps like Google, MSFT, AAPL, and NVDA that has carried the NASDAQ 100 up higher, but now we can see that the Equal Weighted NASDAQ 100 is getting ready to break through resistance after making a series of higher lows and it is likely going to target at least an 88.6% Fibonacci retrace. At this time, we may see the NASDAQ 100 itself...
