- NQ has surged 47% from the lows back in November 2022.
- Technical analysis shows bulls are firmly in control.
- 78% Fib level likely last hurdle on way to all-time-highs of $16,676
Introduction
NQ has been surging for the majority of this year, now up 47% from the lows back in November 2022. Nasdaq is only 7% away from testing all-time highs, so the bull market is in full swing, no matter what the mainstream would like to call it.
Technical analysis
100 & 50 MA: The 50 moving average is well above the 100 moving average, traditionally a bullish sign, especially for the daily time frame. This ‘Golden Cross’ occurred back in January of this year, and price surged 33% from that moment.
Low Vol Nodes: NQ moved into a low volume node as it rallied above $14,400. This means there is less liquidity compared to normal and price moves quicker in general. This node is between $14,400 & $15,750. If we see price continue to rally, there could be some resistance as we approach all-time highs of $16,676.
Volume: The volume is dipping slightly, showing a slight decrease in demand. This is to be expected since the rally has been so intense, but not a serious thing for bullsto worry about.
Fibonacci Ratios: Price found some resistance at the 78% level. This appears as a temporary hurdle on its way to the all-time highs.
Summary
Bulls are in firm control. There is little to no case for the bears. NQ appears determined to test all time highs of $16,676.
