IXIC (Nasdaq composite)
The difference between IXIC and NDX is , IXIC represents all 2500 stocks listed on the Nasdaq while NDX Only represents 100 stocks. When your watching CNBC and they flash "Nasdaq" numbers they are referring to the IXIC
You'll sometimes see The ixic outperform NDX and vice versa. Prime example was Friday, notice How the NDX underperformed IXIC;
This can happen when let's say 2nd tier (Snowflake,Wayfair ,Twilio,Zm,roku,) Tech stocks do better than the top tier stocks (Apple,Msft,Google,NVDA,).
With that being said, On this chart you'll Notice we're very close to support of a weekly channel. support is around 14900. If we fall below there chances are we're heading back to 14175, below there I would consider it a bear market .
If we bounce and rally then it could mean the Nasdaq has found its second wind and 16500 we'll be the next target.
In terms of structure , The IXIC is closer to weekly support than The NDX which is midway in its channel which could be the reason for the buy up of 2nd tier tech stocks.
With that being said, it would be weird but plausible to see 2 tier tech stocks rally if support holds while NDX/QQQ corrects back to support.
Or NDX could correct further and pull IXIC below its weekly support...
Let's see what happens
Divergence on RsI which I have outlined
Riding lower bollingerband
You'll sometimes see The ixic outperform NDX and vice versa. Prime example was Friday, notice How the NDX underperformed IXIC;
This can happen when let's say 2nd tier (Snowflake,Wayfair ,Twilio,Zm,roku,) Tech stocks do better than the top tier stocks (Apple,Msft,Google,NVDA,).
With that being said, On this chart you'll Notice we're very close to support of a weekly channel. support is around 14900. If we fall below there chances are we're heading back to 14175, below there I would consider it a bear market .
If we bounce and rally then it could mean the Nasdaq has found its second wind and 16500 we'll be the next target.
In terms of structure , The IXIC is closer to weekly support than The NDX which is midway in its channel which could be the reason for the buy up of 2nd tier tech stocks.
With that being said, it would be weird but plausible to see 2 tier tech stocks rally if support holds while NDX/QQQ corrects back to support.
Or NDX could correct further and pull IXIC below its weekly support...
Let's see what happens
Divergence on RsI which I have outlined
Riding lower bollingerband
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