Charts-Over-Darts - Nasdaq 100 Weekly Recap September 8, 2023

This week the Nasdaq 100 Index declined -1.36%, snapping the winning streak after two consecutive positive weeks in a row.

The Nasdaq 100 remains above its longer-term 40-week moving average and also closed back above its shorter-term 10-week moving average for the second week in a row.

The year-to-date high of the Nasdaq 100 occurred the week of July 17th. Since declining from that level price has broken through the accelerated aqua trendline, but remains above the orange trendline from the March 2023 lows, as well as the 38.2% Fibonacci Retracement Level.

The Leverage Tactical Indicators began showing signs of short-term strength on August 29th but failed to keep the momentum and follow through this week as Breadth readings were weak.

Despite the weakness in the markets over the past five weeks fear in the market continues to remain subdued based on the readings on our Nasdaq 100 sentiment indicator - the VXN.

That's it for this week. Be sure to follow Leverage Financial Advisory for more visual stock market analysis that's short, sweet, and easy to understand!

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