ST bottom in Nasdaq 100?
Long bond at 6.30%. It's hard to see even a ST bounce, now that the market is finally focusing on interest rates, and interest rates keep spiking up. At some point, interest rates will go into a trading range for a while, or even retrace a bit. That might signal a ST bottom.
Lots of good earnings reports today, and no one cares. I expect more good earnings reports, and the market will continue to ignore them. No ST bounce there.
In September, NDX had support at 2350 (=QQQ at 118). The low on QQQ so far today is 115 1/4. We seem to be slicing below that support easily. Below that, not much support for a long way down. From late March to mid-June, the Nasdaq 100 had support (QQQ at 100, NDX at 1990). I had intended on taking profits beginning with a 10% down move, which we have now reached (QQQ top at 129.8 on 10/11). I think I'll wait and see if support at 2350 on NDX gets reestablished. If we end today above 118, and bounce a couple of times there, I may take profits. But there is also a possibility that we just keep sliding down. I'm not sure. |
