{"id":189683,"date":"2023-05-02T00:55:59","date_gmt":"2023-05-02T04:55:59","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=189683"},"modified":"2023-05-02T01:05:54","modified_gmt":"2023-05-02T05:05:54","slug":"nasdaq100-nq-nears-50-fib-retrace-of-nov21-oct22-slide","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/technical-analysis\/nasdaq100-nq-nears-50-fib-retrace-of-nov21-oct22-slide\/","title":{"rendered":"Nasdaq100 (NQ) Nears 50% Fib Retrace of Nov&#8217;21-Oct&#8217;22 Slide"},"content":{"rendered":"\n<p><strong>Nasdaq100 (NQ) Nears 50% Fib Retrace of Nov&#8217;21-Oct&#8217;22 Slide<\/strong><\/p>\n\n\n\n<p>Nasdaq100 (NQ) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April.\u00a0 Odds are elevated for a retest this week, of the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high.\u00a0 Before bears get excited, NQ will need a weekly close below ascending wedge support (on the weekly chart).\u00a0 The next push higher could be triggered today 10am EST with the US JOLTS job openings, Wednesday after the US ADP non-farm employment change and US ISM services PMI, and the US FOMC statement, Federal Funds rate and FOMC press conference.\u00a0 Volatility continues Thursday with the US unemployment claims, and Friday with the US\u2019 average hourly earnings, Non-Farm Payrolls (NFP) and unemployment rate.\u00a0 Congratulations to paying subscribers who benefited from <a href=\"https:\/\/tradablepatterns.com\/wp-content\/uploads\/sites\/2\/2022\/10\/Nasdaq100_SP500_Silver_Technical_Analysis_Oct1822.pdf\">the Oct 18, 2022 analysis highlighting the early stages of a month plus Dead Cat Bounce<\/a>, <a href=\"https:\/\/tradablepatterns.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Nasdaq100_VIX_Gold_Technical_Analysis_Jan1822.pdf\">the Jan 18, 2022 warning of the NQ keeling over on a monthly chart<\/a>, <a href=\"https:\/\/tradablepatterns.com\/wp-content\/uploads\/sites\/2\/2020\/02\/Nasdaq100_S&amp;P500_Silver_Feb1820.pdf\">the alert February 18th, 2020 one day before the record high in the S&amp;P500, warning of a pending slide in the Nasdaq100<\/a> and from <a href=\"https:\/\/tradablepatterns.com\/\">the<\/a><a href=\"https:\/\/tradablepatterns.com\/wp-content\/uploads\/sites\/2\/2020\/02\/Nasdaq100_S&amp;P500_Silver_Feb1820.pdf\"> March 24th, 2020 report highlighting the looming multi\u00adday to multi\u00adweek rebound in NQ<\/a>.\u00a0 The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.\u00a0 I am going to stay on the sidelines for now, waiting for an exhaustion in the rally since the October low before going short.\u00a0 <a href=\"https:\/\/tradablepatterns.com\/2023\/05\/02\/nasdaq100-nq-nears-50-fib-retrace-of-nov21-oct22-slide\/\"><strong>Click here for analysis on S&amp;P500, USDCHF<\/strong><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"1074\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-1100x1074.jpg\" alt=\"\" class=\"wp-image-189684 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-1100x1074.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-700x684.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-300x293.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-768x750.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis-1536x1500.jpg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/05\/nq-nasdaq100-technical-analysis.jpg 1913w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/1074;\" \/><\/figure>\n\n\n\n<p>Source: Interactive Brokers TWS<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nasdaq100 (NQ) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April.  <\/p>\n","protected":false},"author":53,"featured_media":189684,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,5,17,6,8,9,23,26,3],"tags":[169,1291],"contributors-categories":[13631],"class_list":{"0":"post-189683","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-europe-middle-east-africa","9":"category-futures","10":"category-north-america","11":"category-region","12":"category-securities","13":"category-technical-analysis","14":"category-text-articles","15":"category-traders-insight","16":"tag-futures","17":"tag-technical-analysis","18":"contributors-categories-tradable-patterns"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - 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