Market Direction and Stock Trends

[DiscoverGold]

NASDAQ 100 Index (NDX) - Turning BACK DOWN »» Daily Summary Analysis
By: Marty Armstrong | August 8, 2020

NASDAQ 100 (US) closed above our indicating ranges on the Daily level. It closed today at 1113939 and is trading up about 27% for the year from last year's settlement of 873307. Up to now, this market has been rising for 4 months going into August suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low. while it is still trading above last month's high of 1106926.

The NASDAQ 100 (US) has continued to make new historical highs over the course of the rally from 2008 moving into 2020. We have elected four Bullish Reversals to date.

This market is still what we classify as a Bull Market given its strong posture above our Weekly to Yearly indicating models.

The perspective using the indicating ranges on the Daily level in the NASDAQ 100 (US), this market remains in a bullish position at this time with the underlying support beginning at 1108550.

On the weekly level, the last important high was established the week of August 3rd at 1128223, which was up 19 weeks from the low made back during the week of March 23rd. So far, this week is trading within last week's range of 1128223 to 1099767. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week's low would be a technical signal for a correction to retest support.

This market has made a new historical high this past week reaching 1128223. Here the market is trading weak gravitating more toward support than resistance. We have technical support lying at 1120663 which we are currently trading below implying the market is very weak. This infers that this level will now be resistance. Our Major Channel Support lies at 805996 and a break of that level would be a bearish indication for this market.

Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 7 weeks overall.

Interestingly, the NASDAQ 100 (US) has been in a bullish phase for the past 4 months since the low established back in March.

Critical support still underlies this market at 811172 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

We are now within the 90 day window for then upcoming Presidential election in the United States.The civility of American politics is effectively extinct. This has resulted in truly undermining the essential requirement of confidence in government necessary to maintain order. Confidence in government on a global scale is being eroded and this is part of the process of the decline and fall of Western Society as we head into the major conclusion of this Sixth Wave come 2032.

DiscoverGold

Click on "In reply to", for Authors past commentaries