- NASDAQ has been in a strong uptrend since March 2020, when it reached a low of 6631.42¹.
- The index has been making higher highs and higher lows, forming a rising wedge pattern on the weekly chart²³.
- The index is currently trading near its all-time high of 15932.05, which it reached on September 7, 2021¹.
- If the index breaks above this level, it could signal a continuation of the uptrend and a potential target of 17000, which is the 161.8% Fibonacci extension of the March 2020-April 2020 rally²⁴.
- The index is also supported by the 20-week and 50-week moving averages, which are both rising and indicate a positive trend²⁵.
- The MACD indicator is above zero and shows a bullish momentum²⁶.
- The RSI indicator is above 50 and shows a bullish strength²⁷.
Therefore, based on these technical factors, I have a bullish outlook for NASDAQ in the long term. However, I also advise you to be cautious of any potential reversal signals or negative news that could affect the stock market. This is not a financial advice and you should do your own research before making any investment decisions.
Source: Conversation with Bing, 30/10/2023
(1) Nasdaq 100 Index Chart - NDX Quote — TradingView. www.tradingview.com/...symbols/NASDAQ-NDX/.
(2) NASDAQ 100 Index. bing.com/search?q=nasdaq+c...
(3) NASDAQ Composite Index (COMP) Latest Quotes, Charts, Data & News | Nasdaq. www.nasdaq.com/marke...activity/index/comp.
(4) NASDAQ Composite - 45 Year Historical Chart | MacroTrends. www.macrotrends.net/...aq-historical-chart.
(5) Advanced Charting | Nasdaq. www.nasdaq.com/marke...s/advanced-charting.
(6) Nasdaq 100 Chart (NDX) - Investing.com. www.investing.com/indices/nq-100-chart.
- The index has been making higher highs and higher lows, forming a rising wedge pattern on the weekly chart²³.
- The index is currently trading near its all-time high of 15932.05, which it reached on September 7, 2021¹.
- If the index breaks above this level, it could signal a continuation of the uptrend and a potential target of 17000, which is the 161.8% Fibonacci extension of the March 2020-April 2020 rally²⁴.
- The index is also supported by the 20-week and 50-week moving averages, which are both rising and indicate a positive trend²⁵.
- The MACD indicator is above zero and shows a bullish momentum²⁶.
- The RSI indicator is above 50 and shows a bullish strength²⁷.
Therefore, based on these technical factors, I have a bullish outlook for NASDAQ in the long term. However, I also advise you to be cautious of any potential reversal signals or negative news that could affect the stock market. This is not a financial advice and you should do your own research before making any investment decisions.
Source: Conversation with Bing, 30/10/2023
(1) Nasdaq 100 Index Chart - NDX Quote — TradingView. www.tradingview.com/...symbols/NASDAQ-NDX/.
(2) NASDAQ 100 Index. bing.com/search?q=nasdaq+c...
(3) NASDAQ Composite Index (COMP) Latest Quotes, Charts, Data & News | Nasdaq. www.nasdaq.com/marke...activity/index/comp.
(4) NASDAQ Composite - 45 Year Historical Chart | MacroTrends. www.macrotrends.net/...aq-historical-chart.
(5) Advanced Charting | Nasdaq. www.nasdaq.com/marke...s/advanced-charting.
(6) Nasdaq 100 Chart (NDX) - Investing.com. www.investing.com/indices/nq-100-chart.