Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Why The NASDAQ 100 Needs To Hold Near Highs

By Michele SchneiderStock MarketsApr 15, 2021 12:17AM ET
www.investing.com/analysis/why-the-nasdaq-100-needs-to-hold-near-highs-200573141
Why The NASDAQ 100 Needs To Hold Near Highs
By Michele Schneider   |  Apr 15, 2021 12:17AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Tuesday, we talked about the Coinbase (NASDAQ:COIN) public listing, and how waiting for the dust to settle would be a good plan as there is no prior price action or history to base projections from a technical standpoint.

IWM-QQQ-Daily Charts
IWM-QQQ-Daily Charts

The plan turned out to be correct as Coinbase’s initial rally turned into a selloff for most of its trading day.

However, Coinbase will continue to have increased volatility in the coming weeks as a days’ worth of price action does not provide much data for investors and traders to work with.

This means that traders will have to plan with a short-term mindset based on the range of the first day or continue to wait for the chart to develop.

Wednesday was not only a big day for the crypto space, but also for the Russell 2000 (IWM) which initially had a large rally but eked out a close just over its 50-day moving average at $222.84.

With next resistance at $226.69, it will need to clear this level if it wants to get back on track to new highs.

If it does clear $226, it will show improved momentum back over the 50-DMA along with its ability to follow the other major indices including the NASDAQ 100 (QQQ), Dow Jones (DIA), and the S&P 500 (SPY) which all linger around new high territory.

With that said, the QQQs should be watched as today it closed under its prior days low and therefore could be looking for a potential pullback if Wednesday’s move continues into Thursday.

ETF Summary

S&P 500 (SPY) Holding near highs. Support 407.21 the 10-DMA

Russell 2000 (IWM) 219.39 support.  Resistance 226.69

Dow (DIA) 333.43 support.

NASDAQ (QQQ) Support 332.32 the 10-DMA

KRE (Regional Banks) Support 65.49.

SMH (Semiconductors) Resistance 258.59.

IYT (Transportation) 257.73 support.

IBB (Biotechnology) 145.69 support.

XRT (Retail) Needs to clear 93 then 96.27. 10-DMA support area.

Volatility Index (VXX) Watching to clear the 10-DMA at 10.57.

Junk Bonds (JNK) support 108.60 the 50-DMA. 109.08 resistance.

LQD (iShs iBoxx $Inv Gd Cor Bd ETF) Doji Day. 131.44 resistance area the 50-DMA.

IYR (Real Estate) Watching the 10-DMA at 93.98 as support area.

XLU (Utilities) 64.50 new support.

GLD (Gold Trust) Gap to fill at 164.14.

SLV (Silver) 23.78 resistance.

VBK (Small Cap Growth ETF) Flirting with the 50-DMA at 282.53.

UGA (US Gas Fund) Cleared resistance at 32.66.

TLT (iShares 20+ Year Treasuries) Watching to hold the 10-DMA at 137.41.

USD (Dollar) Doji day right on the 50-DMA at 91.58.

MJ (Alternative Harvest ETF) Needs to wake up. Resistance 21.55

WEAT (Teucrium Wheat Fund) Needs to hold over 6.30

Why The NASDAQ 100 Needs To Hold Near Highs
 

Related Articles

Why The NASDAQ 100 Needs To Hold Near Highs

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email