18 days ago • Posted by Ajmir Omid
Will Nasdaq bulls get another chance? $QQQ #growth #fed #stocks #trading
After multi-year stellar performance, the Nasdaq 100 is displaying significant signs of weakness in early 2022. After failing to make new high, the index reversed gains and now stands at an important support level of USD15'500. The index could be due for a bounce after reaching oversold levels. The Nasdaq has been able to hold well thanks to the higher weighting of the FANGs stocks, which are only down in the mid single digits. However, further weakness from these mega caps could cause the index to break its upward trendline. Additionally, more than 40% of the Nasdaq components are down 50% or more from their highs, a level not seen since March 2020. Performance of the S&P 500, the Nasdaq, and the Dow Jones are +0.17%, +1.59%, and -3.05% respectively since the December FOMC meeting.