NASDAQ 100 : A break is needed

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06/28/2019 | 03:57 pm
As the G20 summit starts, US equities are beginning a consolidation process. Admittedly, expectations of a fall in interest rates have greatly boosted the index over the last fortnight, but fears of a lack of agreement between the United States and China are weighing on the final quotations.

Nevertheless, among the components, some establish qualitative paths over the last 5 days, such as Western Digital (+13.5%), JD.COM (+5.1%) or Electronics Arts (+5%).

Graphically, in daily data, prices came back to test the 7800/7850 points zone, a historical price range. Since then, a slight retracement has been implemented to target the 50-day moving average at 7540 points, a level that could reactivate buyers. It would take a break of 7300 points to return to a more neutral bias. On the other hand, a relaunch during a contact on the moving averages would give hope to touch up the historical zenith of 7845 points but on the current configuration, the potential seems limited.

Patrick Rejaunier 2019
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