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Patrick
Rejaunier

Equity Analyst
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NASDAQ 100 : A break is needed

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06/28/2019 | 09:57am EDT

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.

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.07% 27171.9 Delayed Quote.16.40%
NASDAQ 100 0.90% 7905.119269 Delayed Quote.24.87%
NASDAQ COMP. 0.71% 8204.137338 Delayed Quote.23.36%
S&P 500 0.28% 2985.03 Delayed Quote.18.74%

Patrick Rejaunier
© MarketScreener.com 2019
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