Nasdaq-100 outlook for September 10, 2014

Nasdaq-100 was substantially down on Tuesday. We are still within the consolidation range between 4.050 and 4.100 that has been prevailing in the last two weeks. Therefore we will not read that much in Tuesday’s 0,82% drop. The daily trend turned negative and the MACD rolled over down. The trailing stop for our long position @ 4.060 was hit, so we are out of the index futures today. As we have written before, it is likely that the index will retest the psychologiaclly important 4.000 points mark soon (the July high is there, too). Such a scenario would give the opportunity to “buy the dip”. As it seems now, Nasdaq-100 has the potential to go a lot higher from current levels in the longer term.

NASDAQ-100, daily chart:

NDX_daily_20140909

Chart courtesy of StockCharts.com. http://stockcharts.com

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