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Signal Update: The Nasdaq 100 (NQ) Hit Our Take Profit Target $10,650

This is an update to our July 2nd BUY signal on Nasdaq 100 (NQ) at $10,332.  On July 6th the Nasdaq 100 (NQ) has pushed forward as predicated and hit the upper rising channel (see on chart) and hit our Take Profit target at $10,650. Since then, the NASDAQ 100 has grinned higher with a very strong push up to 11,058 follow up by a large reverse down from overbought territory to current 10,650 again. Traders should be cautious here as we can see in the near term further consolidation. In order to get back on track, we will need to see the Nasdaq  finding support first and buy it when strength kick back in. See our chart below for further information.

The Nasdaq 100 Out performance is staggering, out performing all world markets and all tradeable assets. The Corona Virus pandemic caused world investors to focus more on businesses that can continue to operate during lock downs and less relay on physical presence. In Addition many technology focused companies also take advantage of the situation, offering technological solutions that allow business to continue their operation. The Us released some positive economical data, showing  over  4 million jobs added in June and the government continue to borrow and print money to support the economy.

Looking at the NASDAQ 100 (NQ) chart, we can see that the June price correction is now finished and the Nasdaq has found support at prior highs at $9,760 level. Currently, the Nasdaq 100 (NQ) is trading above the important psychological $10,000 price level at $10,332 and trading within a rising channel that should move it easily to the $10,650 price target.

The Nasdaq 100 Chart Analysis

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