Ahead of tomorrow's session, the Nasdaq is trading at 13,769 after losing 2.72% Friday
(Last update 3:36am EST, January 23, 2022)
Friday at a glance: NASDAQ went dark red after losing 385.1 points, tumbling down to 13,769.
Chart pattern study shows the Nasdaq's immediate support is around 13,632, its resistance level is at 15,100. In terms of trend indicators, we can see that the MACD line is significantly below the MACD signal line, meaning this medium-term trend might turn positive. The CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. According to momentum evaluation, the Relative Strength Index indicates the Nasdaq is in oversold condition, allowing more gains. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 13,740, a low enough level to (usually) suggest that the Nasdaq is trading below its value.
Overall, the technical analysis picture suggests the Nasdaq is neutral for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other symbols, S&P 500 is down to 4,398, losing 84.73 points, after closing at 4,482.73 Friday. S&P/ASX 200 is trading around 7,175.8 (down 166.6 points).