The Nasdaq Could Be Oversold
The Nasdaq-100 has fallen sharply in the last three weeks, but some traders may think the tech-heavy index is oversold.
The first pattern on today's chart is the sequence of simple moving averages (SMAs). The 50-day SMA is above the 100-day SMA and both are above the 200-day SMA. That may indicate the presence of a longer-term uptrend.
Second, NDX tested and held the 200-day SMA for the first time since the AI boom started in March 2023. Is this the kind of pullback long-term investors crave?
Third is the price zone around 17,284. It was the low in May and represents a retracement of about half the move between October’s trough and July's peak. Remaining at or above this area could suggest it's had a healthy pullback while remaining in an uptrend.
Finally, the lower study includes our Distance from MA custom script. It shows that the index ended Monday almost 8 percent under its 50-day SMA. That’s the furthest below that SMA since October 2022, shortly after the last bear market ended.
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TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today's chart is the sequence of simple moving averages (SMAs). The 50-day SMA is above the 100-day SMA and both are above the 200-day SMA. That may indicate the presence of a longer-term uptrend.
Second, NDX tested and held the 200-day SMA for the first time since the AI boom started in March 2023. Is this the kind of pullback long-term investors crave?
Third is the price zone around 17,284. It was the low in May and represents a retracement of about half the move between October’s trough and July's peak. Remaining at or above this area could suggest it's had a healthy pullback while remaining in an uptrend.
Finally, the lower study includes our Distance from MA custom script. It shows that the index ended Monday almost 8 percent under its 50-day SMA. That’s the furthest below that SMA since October 2022, shortly after the last bear market ended.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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