Nasdaq 100: waiting for the next catalyst
Two consecutive dull sessions have done little to key technical indicators, and traders in the recent past have reduced their buy bias.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/GT_Wall_Street_18-04-24.jpg/jcr:content/renditions/original-size.webp)
Calmer moves, hawkish FOMC member speak, and low-impacting data
Another calm session where there wasn’t as much to process compared to last week’s fundamental items. US sector performance by the close saw slight gains for tech but both communication and consumer discretionary suffer small losses, and in turn, a finish not far off where it started for the tech-heavy Nasdaq 100, failing to match the Dow 30’s recent run of consecutive gains. The positive was a lack of a significant fall for the key index even as Treasury yields finished the session higher, and so too in real terms, with the Federal Reserve’s Collins on needing "more time than previously thought" to bring down inflation and the "slowdown in activity" that'll be "needed to ensure that demand is better aligned with supply”.
Otherwise, little to get excited about in terms of data, with the weekly mortgage applications (MBA) up 2.6% and wholesale inventories as anticipated, down 0.4% for March. Expect a similar theme today with the weekly claims, another Fed member expected to speak, and the 30-year auction after a decent enough 10-year yesterday. It’ll get more interesting tomorrow with a string of members speaking and the preliminary readings out of UoM (University of Michigan) for consumer sentiment and inflation expectations.
Nasdaq technical analysis, overview, strategies, and levels
It’s a tricky situation when it comes to the technical overviews in both daily and weekly time frames for this tech-heavy index; the volatile moves prior giving conformist breakouts the edge, but a struggle as of late, with the moves relatively dull and, at times, lacking a play for contrarians as well. There are a couple of key technical indicators that are bullish, with the price above all its main daily moving averages, but it won’t take much in terms of a pullback to change that narrative due to price-indicator proximity. The remaining key indicators are generally neutral and, in turn, lacking a signal. While the short-term bull channel is seen as a positive, its width means buy strategies can’t be initiated without consideration and, more so, if there’s a move to the lower end of the channel.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/au/images/News-and-articles/DailyTable.jpg/jcr:content/renditions/original-size.webp)
IG client* and CoT** sentiment for the Nasdaq
As for sentiment, it’s been a story of majority short bias among retail traders since shifting last Thursday from majority buy, as they bought on dips enjoying the short-term recovery. CoT speculators were majority buy a couple weeks back and have also opted to shift, albeit (for now) only to the middle.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/au/images/News-and-articles/DailyCircles.jpg/jcr:content/renditions/original-size.webp)
Nasdaq chart with retail and institutional sentiment
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/au/images/News-and-articles/DailyCharts.jpg/jcr:content/renditions/original-size.webp)
- *The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 6am for the outer circle. Inner circle is from the previous trading day.
- **CoT sentiment taken from the CFTC’s Commitment of Traders report, outer circle is latest report released on Friday with the positions as of last Tuesday, inner circle from the report prior.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/ContentImage/Forex global component NA banner.jpg/jcr:content/renditions/original-size.webp)
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.