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Nasdaq 100 Technical Analysis - Nasdaq 100 Trading: 2021-09-02
Nasdaq Index Technical Analysis Summary
Above 15698.91
Buy Stop
Below 15259.45
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Neutral |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
Nasdaq Index Chart Analysis
Nasdaq Index Technical Analysis
The Nd100 technical analysis of the price chart in daily timeframe shows Nd100: D1 is rallying above the 200-day moving average MA(200) which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 15698.91. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 15259.45. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (15259.45) without reaching the order (15698.91), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Indices - Nasdaq Index
US economic reports were mixed lately. Will the Nd100 rebound continue?
Recent US economic data were mixed. The US manufacturing sector growth accelerated in August. However, private US hiring was lower than expected. Thus, the Institute for Supply Management's manufacturing index continued to grow last month due to strong orders and output, despite "hiring difficulties.” The ISM Manufacturing PMI rose to 59.9 for August from 59.5 in July. At the same time, the ADP reported the non-farm employment change estimate at 374 thousand for August after 326 thousand in July when an increase of 640 thousand was expected. This is a big miss in private US hiring that points to a downshift in the labor market recovery. Investors will be watching now the August jobs report tomorrow for an official estimate for new private jobs US economy added in August. Nonetheless the current technical setup is bullish for Nd100.
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