Nasdaq 100 sits between 28,815 support and 29,656 resistance
The Nasdaq 100 closed at 28,958 on 23 October, down 0.8% over the past week and 5.4% over the past month. That puts the index 2.9% below its 50-day moving average and 4.0% above its 200-day moving average, sitting roughly in between the two.
The daily trend reads as Range: the close sits between a 50-day average of 29,829, which is still rising, and a 200-day average of 27,836. The most recent confirmed swing high is 31,361 from 6 October, also the 52-week high, while the most recent swing low is 28,753 from 16 September. The 52-week low stands at 22,841. On the weekly chart, price is below the 10-week average of 29,774 but above the 40-week average of 27,895, consistent with a market that has cooled after a strong run.
RSI (14) is at 37, a level some traders associate with the lower end of the momentum range, though not yet at commonly watched oversold extremes. The last five daily closes show a drift lower, from 29,529 down to 28,958, after a brief bounce to 29,823 on 21 October. Average daily range (ATR 14) is 499 points, indicating the scale of typical daily moves at present.
A daily close below support at 28,815 would put the next reference level, 28,567, in focus. A daily close back above resistance at 29,656 would put the next level, 29,947, in focus. A cross back above the 50-day moving average of 29,829 would also be a signal worth noting, given the index currently trades below it.
US CB Consumer Confidence is due Tuesday 27 October at 14:00 GMT. The FOMC Statement and Federal Funds Rate decision follows on Wednesday 28 October at 18:00 GMT. US Advance GDP and the Core PCE Price Index are both released Thursday 29 October at 12:30 GMT, a combination that could add to volatility for the index this week.
- Daily prices: EODHD (NDX.INDX); trend, levels and RSI computed by Praevis
- Events: Praevis economic calendar