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Asset Watch
Tuesday July 30, 2024
The NASDAQ 100 bounced near its 20-week moving average (the blue line) on July 25. But, during the 2020/2021 bull market, four corrections ended with the index cutting through the 20-week MA and finding support near the 30-week MA (the yellow line). Likewise, the three major pullbacks during this 2023/2024 bull run resulted in the index dipping below the 20-week MA.
When you add it all up, the last seven bull market corrections didn’t end until the NASDAQ 100 breached its 20-week MA, which hasn’t meaningfully occurred yet. Consequently, more weakness could be ahead if the index repeats its historical pattern.
If not, and the NASDAQ 100 holds the 20-week MA during this week’s earnings and FOMC volatility, it may be a sign that this time is different.
So, is Friday’s relief rally poised to reverse, or has the NASDAQ 100’s correction run its course?
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