Nasdaq Composite Technical Analysis

Last week, the Nasdaq Composite finished on a
positive note as the lack of bearish catalysts kept the market supported.
Today, the futures market opened higher following the good PCE report last
Friday when the market was closed for holidays. Therefore, we can expect to see
a positive gap at the open. Overall, the path of least resistance remains to
the upside with the main two risks for the bullish sentiment being a
reacceleration in inflation leading to a hawkish Fed or a hard landing.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite has
been diverging with
the MACD for a
long time. This is generally a sign of weakening momentum often followed by
pullbacks or reversals. We continue to trade inside the rising wedge, and
it’s worth to keep an eye on it because if the price were to break below the trendline, the
sellers will have much more conviction to look for new lows with the base of
the wedge at 14477 being the ultimate target.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that the
price recently bounced near the bottom trendline where we had the confluence of the
red 21 moving average. The
buyers keep on stepping in with a defined risk below the trendline to position
for rallies into new all-time highs. The sellers, on the other hand, will want
to wait for the price to break below the trendline before considering short

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that the
price has been consolidating beneath a counter-trendline recently. The futures
market opened higher today, so we might see the same for the cash market, in
which case the price would effectively break above the counter-trendline. The
buyers will likely pile in immediately to position for a rally into new highs.


This week we get the release of many key economic data.
We begin today with the US ISM Manufacturing PMI. Tomorrow, we have the US Job
Openings. On Wednesday, we get the US ADP and the US ISM Services PMI data. On
Thursday, we will see the latest US Jobless Claims figures, while on Friday we
conclude with the US NFP report.

This article was written by FL Contributors at

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