Home » Market Update: Nasdaq Faces a Key Resistance Level

Market Update: Nasdaq Faces a Key Resistance Level

Published November 28, 2022

It was a short trading week with the Thanksgiving holiday on Thursday.

As expected, not much happened in the market last week.

We made it through midterms and earnings season without too much disruption, but the Nasdaq 100 is now facing a key resistance level…

***Daily Chart of Invesco QQQ Trust (QQQ)*** ***– Source: TradingView***

The white dotted line on the chart above shows the “line in the sand” for the Nasdaq. This area has proven itself as notable resistance from below and support above.

Of the three major indexes, the Nasdaq is unquestionably the weakest. Tech stocks, which have led the market for most of the last 12 years, are lagging by a noticeable margin.

A breakout higher in the tech sector would be a strong signal that the selling may have finally peaked.

Each of the names I put on last week’s Watchlist are still in play and remain on the Watchlist for this coming week.

Flex Ltd. (FLEX) and Enphase Energy, Inc. (ENPH) are both inching higher from clean base patterns, while Denbury Inc. (DEN) is trying to hold its ground.

I’ll have a new Watchlist for you on Monday, Dec. 5, so stay tuned!

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Ross Givens
Editor, Stock Surge Daily

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