NASDAQ 100 futures update - 2 May 2023

Analysis & Learning May 2, 2023

Nasdaq 100 futures - 80 day cycle looks to have rolled over.

Nasdaq rolling over
We put a note out on 24 April calling the top in the 80 day cycle. And it looked good to go until we got yet more FED noise.  But the ensuing short-lived run up - sharp though it was - didn't amount to much.  So we maintain that the 4 April top was the orthodox peak in the 80 day cycle and probably the 20 week cycle too.

We have a downside projection from the anticipated 80 day cycle FLD just below current price to a modest 12,950 expected around 19 May and the 80 day cycle trough time location.  However, it could be that this is also a 20 week cycle trough and the 20 week FLD sits at 12,670 (not shown on chart).  If the first target breaks, then this is where we are looking.

Christopher Grafton CMT

Chris has been involved in the markets for 20 years. He is the author of Mastering Hurst Cycle Analysis and is an experienced working technician. Chris holds the CMT qualification.