Nasdaq 100 Breaks Trend Line, Long-Term Uptrend Intact
NDX is bouncing back off its rising 50-day MA following last week’s big swoon. While last week’s break of bullish trend line support is significant, the longer-term uptrend remains intact, with the 50-day EMA and 200-day SMA still rising at a solid rate.
If the earnings results in the coming weeks (starting with Alphabet and Tesla after the bell) are able to meet or beat expectations, the tech-heavy index could regain the 20K handle and potentially retest the record high near 20,700 in short order. However, if weak earnings reports start to accumulate and the index is unable to recapture the 20K level, it could set the stage for a continuation down toward levels of previous-resistance-turned-support at 18,900 and 18,400 as we move through the dog days of summer.
-MW
If the earnings results in the coming weeks (starting with Alphabet and Tesla after the bell) are able to meet or beat expectations, the tech-heavy index could regain the 20K handle and potentially retest the record high near 20,700 in short order. However, if weak earnings reports start to accumulate and the index is unable to recapture the 20K level, it could set the stage for a continuation down toward levels of previous-resistance-turned-support at 18,900 and 18,400 as we move through the dog days of summer.
-MW
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