Technical Review of NDX 100 Index

NASDAQ 100 Index (NDX) – NDX is one of the more popular stock market indexes. This modified market capitalization-weighted index consists of 100 of the largest non-financial companies on the NASDAQ Composite Index (COMPQ). NDX is heavily skewed toward Technology, Consumer Services, and Health Care sectors. As of 5/2/22, the top 10 constituents of NDX are AAPL (13.04% market-cap weight), MSFT (10.54), AMZN (6.41), TSLA (4.56), GOOG (3.68), FB (3.51), GOOGL (3.48), NVDA (3.31), PEP (2.00), and COST (1.98). The top 10 names combined for 52.5% of the overall NDX market cap.

NASDAQ 100 Index (NDX) is breaking its critical support near 12,947.55-13,020.40 (38.2% retracement from Mar 2020-Nov 2021 rally and the Mar 2022 low). Violation here warns of a retest of the 50% retracement at 11,768. Under strong selling, NDX can fall to the 61.8% retracement at 10,589. Key initial resistance is 14,055-14,277 (4/21/22 high and the 50-day ma), and above this to 15,082-15,265 (Feb/Mar 2022 highs and 200-day ma).

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