NASDAQ 100 Index (NDX) – NDX is a modified market capitalization-weighted index, comprising 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 5/19/23, the top 25 constituents of NDX are MSFT (13.25% market-cap weight), AAPL (12.52), AMZN (6.69), NVDA (5.63), GOOGL (4.19), GOOG (4.13), META (3.98), TSLA (3.20), AVGO (2.07), PEP (1.93), COST (1.47), CSCO (1.47), CMCSA (1.26), AMD (1.24), ADBE (1.24), TMUS (1.24), NFLX (1.19), TXN (1.12), HON (0.96), INTU (0.91), INTC (0.90), SBUX (0.88), AMGN (0.87), QCOM (0.86), and ISRG (0.80). The top 25 names combined for 74.13% of the overall NDX market capitalization.
NDX has broken out above its 1-year downtrend channel, evidenced by the 1/27/23 surge above 12,000 and 200-day ma (now at 12,120). The breakout led to a rally toward the next resistance at 13,603-13,725 (50% retracement from Nov 2021-Oct 2022 decline, Jan 2022 low, and Aug 2022 reaction high). A breakout reaffirms the Oct 2022 bottom and signals an intermediate-term recovery to 14,349-14,385 (61.8% retracement and Oct 2021 low) and above this 15,265-15,701 (Mar 2022 high, Sept 2021 high, and Jan 2022 breakdown), and 16,607-16,765 (Nov/Dec 2021 all-time highs). Initial support rises to 13,204 (Apr 2023 highs and 5/1/23 breakout) and below this 12,881-12,974 (2/2/23 highs, Mar 2023 breakout, and 50-day ma), 12,120-12,166 (200-day ma and Dec 2022 highs), 11,029-11,072 (extension of the Dec 2021 downtrend channel, Jun 2022 lows, and Oct 2022 uptrend), and 10,440-10,671 (Oct, Nov, and Dec 2022 reaction lows).
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