Technical Review of NDX 100 Index (NDX)

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-financials 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 6/1/20, the top 10 constituents of NDX are MSFT (11.28% market-cap weight), AAPL (11.26), AMZN (9.84), FB (4.38), GOOGL (3.99), GOOG (3.94), INTC (2.78), NVDA (2.24), CSCO (2.09), and ADBE (1.93). NASDAQ 100 Index is nearing major resistance at 9,736.57 coinciding with the 2/19/20 all-time high. Since the height of the technical base is 2,964.66 points a confirmed breakout renders an NDX target of 12,701, longer-term. Initial support rises to 9,057-9,182.5 corresponding to the 5/27/20 low and the 30-day ma). Secondary support is available at 8,404-8,577 or the 50-day and 200-day ma. Further note that the key moving averages have also recorded bullish favorable golden cross buy signals and are now trending up. This hints of the potential for the resumption of the primary uptrend.

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