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Today, Sunday 30 June 2024, StockCharts365.com has taken a closer look at the Nasdaq 100 index in the USA, and where a correction/consolidation is signaled in the short term.


[30 June 2024]


Today, Sunday 30 June 2024, StockCharts365.com has taken a closer look at the Nasdaq 100 index in the USA, and where a correction/consolidation is signaled in the short term.


The long-term trend for the Nasdaq 100 is positive, but in the very short term there would like to be a correction of around 4-7 per cent down from the current level.


Read more below under the technical analysis of the Nasdaq 100.


 

First a little about the Nasdaq 100 (From Wikipedia):


The Nasdaq-100 (^NDX) is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange.


It is a modified capitalization-weighted index. The stocks' weights in the index are based on their market capitalizations, with certain rules capping the influence of the largest components.


It is limited to companies from a single exchange, and it does not have any financial companies. The financial companies are in a separate index, the Nasdaq Financial-100.


Quotes For Nasdaq-100 Index:



 

Technical Analysis of the Nasdaq 100

The US Nasdaq 100 may now face a short-term downward correction according to the technical picture for the index.


The Nasdaq 100 is in an uptrend, and was recently near resistance up against the upper trend line in this uptrend.


Both the RSI and Stochastic's momentum indicators now signal that the Nasdaq 100 may face a correction in the very short picture within the rising trend.


First support levels are around 18,900 points and then around 18,500 points (which also coincides with the support level around the lower trend line of the uptrend.


The MACD momentum indicator has also triggered a sell signal for the Nasdaq 100 index a couple of days ago.


The overall technical picture for the Nasdaq 100 is positive in the medium term, and within the rising trend, but in the very short picture (1-3 weeks) a correction down to around 18,500 - 18,900 points is signalled.


Also read recent analysis of the S&P500 here at StockCharts365.com on June 22, 2024:



 

NB! Remember to have read and understood the disclaimer.

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