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Technical Review of NDX 100 Index

NASDAQ 100 Index (NDX) – NDX is one of the more popular stock market indexes that is comprised of 103 stocks. This modified market capitalization-weighted index is compiled using 100 of the largest non-financial companies on the NASDAQ Composite Index (COMPQ). NDX is heavily skewed by the Technology, Consumer Services, and Health Care sectors. Since 2007, NDX has outperformed many key US indexes including the S&P 500 Index as it is comprised of the largest growth stocks. As of 6/12/20, the top 10 constituents of NDX are AAPL (13.37% market-cap weight), MSFT (11.19), AMZN (10.97), FB (4.48), GOOGL (3.58), GOOG (3.49), NVDA (2.44), TSLA (2.38), PYPL (2.07), and NFLX (1.93).

NASDAQ 100 Index (NDX) has rallied 83.69% from the Mar 2020 bottom (6,771.91) to its Sep 2020 all-time (12,439.48). Although higher prices to 12,701 are still possible based on the Jun 2020 V-breakout above 9,736.57 an overbought condition suggests a consolidation. Violation of its 50-day ma (11,150) can lead to a deeper correction toward 10,314-10,274 (38.2% retracement from Mar-Sep 2020 rally and Jul 2020 lows), and below this to 9,605-9,736.57 (50% retracement and the Jun 2020 V-breakout), and then to 9,459 (200-day ma)/8,936 (61.8% retracement).


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