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Nasdaq 100 Rebound Attempt and the US Stocks Watchlist – 21 August 2023

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The Nasdaq 100 saw a strong rebound today of +1.65%, and the percentage of stocks above their 20 day EMAs closing at 27%. Which is a 14% improvement since Thursday's reading of just 13%. The price action however, remains below the -1x ATR(21 day) level, and hence continues to be in a short-term downtrend, within the longer-term weekly Stage 2 advancing phase. So, the strength of the rebound attempt will give further clues as to whether this is a normal significant pullback in Stage 2, or early signs of Stage 3 developing. 

For now, it's too early to say that, as most Stage 2 advances of the past in the Nasdaq 100, experienced numerous significant pullbacks of the current magnitude or worse. So we need to focus on what the various tools that the Stage Analysis method uses are telling us for further clues, such as the key market breadth charts, leading stocks behaviour, and position in their own Stages and more.

There were 22 stocks highlighted from the US stocks watchlist scans today

IONQ, AMAT, CCJ, AROC + 18 more...

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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.