Chart Analysis: NASDAQ 100 Next Big Move Revealed

Chart Analysis: NASDAQ 100 Next Big Move Revealed

Published At: Aug 10, 2024 by Verified Invesing
Chart Analysis: NASDAQ 100 Next Big Move Revealed

The NASDAQ 100 has bounced nicely after the nasty collapse seen in early August. However, there has been major technical damage done to the chart. Major trend lines have been broken that are not easily repaired. This signals a vulnerability and a probability of more downside.

In the very near-term, the NASDAQ 100 (QQQ) likely has 2% or so further upside before it slams into a gap fill and major trend line. On the NASDAQ 100 ETF (QQQ) this level is $460-$462.

Once this upside target has been achieved, it is likely the next leg to the down market will come. Investors should be on high alert for further volatility and panic.The next major QQQ support is $412, a 9% fall from current levels and 11% from the upside target level (should it be achieved).

Macro headwinds will likely continue to plague the markets with an underlying fear that the Federal Reserve is late to the party on cutting rates.

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