NDX

The left chart shows the daily ichimoku of the NDX. It is clear that the current trend remains up, until proven otherwise.

  1. Price is above the cloud.

  2. The cloud remains light green.

  3. Price is above the black base line.

  4. The black base line is trending up.

  5. The orange lagging span is comfortably above price.

  6. Yesterday’s candle is a powerful hammer bouncing off of the black base line.

  7. Bullish follow though is now required to complete a higher trough.

The right chart shows the H1 ichimoku of the NDX. The index has pulled back in the shorter term.

  1. Price has pushed through the cloud and is supported for now.

  2. Price is above the black base line.

  3. The black base line is moving up.

  4. The orange lagging span is above price.

     

The NDX is showing relative strength compared to other mainstream benchmarks such as the SPX and RUT. This, as businesses looks to technology for solutions to promote productivity during lockdown. Moreover, the liquidity injections by central banks need to find a home and given the innovative nature of constituents, the NDX is a logical beneficiary.

Some liquidity has been siphoned out of the economy, but this is likely temporary (notably, in an opinion piece for Bloomberg, ex NY Fed Chair Bill Dudley expects the Fed’s balance sheet to head towards $10tn). As such, dips in the index are incredibly persuasive.

Past performance is not an indicator of future results

CHART SOURCE: FXCM MARKETSCOPE 2.0

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex Majors

Cryptocurrencies

Signatures