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Cont: Correction Or Reversal In Nasdaq 100?

EQUITY TECHS

NASDAQ 100 Index (NDX)

  • The MA structure is very similar in the Nasdaq index.
  • MA studies are in a bull-mode set-up, however, the Aug 5 sell-off has resulted in a break of the 200-day EMA. A clear break is still required and price will need to remain below EMA and extend lower to highlight a more important medium-term reversal threat.
  • The 200-day EMA currently lies at 17919.38. A key support has also been defined at 16973.94, the Apr 19 low. The area between these two price points represents a key support zone.

Short-Term Considerations

  • Both Indices are oversold and a recovery would allow this condition to unwind.
  • Key resistance is seen at:
    • SPX: 5425.40 - the 50-day EMA
    • NDX: 19298.07 - the 50-day EMA
  • The 50-day EMA is an important resistance where a break would highlight a bullish development and a potential resumption of the primary uptrend.
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