VOT Research Desk
Analytical Viewpoints
Nasdaq 100 continued to lead the market downward after S&P 500 was destroyed on CPI, indicating that the market is still overly optimistic the worst is over.
S&P 500 DAY CHART
The Nasdaq 100 can easily drop below its June low. It has led the way on the downturn and is anticipated to do so going forward. It is clearly weaker overall because it is well below the similar slope the S&P is sitting on.
The area at 11492, the June low at 11037, and then the level of support around 11928 are the next three levels of support. To start moving in a positive manner again on the top side, a move back over 12752 is required.
NASDAQ 100 Day CHART
The Nasdaq 100 can easily drop below its June low. It has led the way on the downturn and is anticipated to do so going forward. It is clearly weaker overall because it is well below the similar slope the S&P is sitting on.
The area at 11492, the June low at 11037, and then the level of support around 11928 are the next three levels of support. To start moving in a positive manner again on the top side, a move back over 12752 is required.
The Dow Jones has already reached a new low, below the trend line from June and below the August high. Although there may be a bounce soon, expect the 30149 level to be reached fairly soon, followed by a decline to the June low at 29653 and below. To improve a bullish bias, 32505 must be crossed on the upper side.
