Nasdaq 100 slips below its 50-day average as momentum cools
The Nasdaq 100 closed at 29,529 on 19 October, down 3.7% over the past week and 3.1% over the past four weeks. The close sits 1.1% below the 50-day moving average and 6.4% above the 200-day moving average, placing price in the gap between the two short-term reference levels.
The daily trend reading is Range, with the close now beneath the 50-day average (29,864) though that average still sits above the 200-day average (27,759), which continues to rise. The most recent confirmed swing high was 31,361 on 6 October, also the 52-week high, and the most recent confirmed swing low was 28,753 on 16 September. The 52-week low stands at 22,841. On the weekly chart, the close is just below the 10-week average of 29,832 but remains well above the 40-week average of 27,909.
RSI (14) is at 41, below the midpoint and approaching levels some traders watch for oversold conditions, though not yet there. The last five closes show a decline from 30,569 to 29,188 before a bounce to 29,529. Average daily range (ATR 14) is 443 points, giving a sense of typical day-to-day movement relative to the current distance to support and resistance.
A daily close below support at 28,953 would put the next reference level, 28,815, in focus, and could point toward the more recent swing low of 28,753. A daily close back above resistance at 29,656 would put the next level, 29,947, in focus, and a move back above the 50-day average would suggest the earlier range-bound tone is fading.
US jobless claims on Thursday and the S&P Global flash PMI and consumer sentiment on Friday are the main scheduled releases this week for this market. Looking further ahead, the Federal Reserve policy meeting on 27-28 October, with markets pricing an 83% chance of rates held, and the PCE inflation data due ahead of it are worth watching.
- Daily prices: Yahoo Finance (^NDX); trend, levels and RSI computed by Praevis