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The Nasdaq 100 just flashed a technical “sell” signal ahead of Nvidia’s big earnings report, according to Fairlead Strategies.
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The sell signal reflects a loss of momentum and suggests “several weeks of corrective action, at a minimum,” Fairlead’s Katie Stockton said.
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Stockton highlighted 13,834 as support for the Nasdaq 100, suggesting potential downside of 6%.
Technology stocks are poised for more downside after the Nasdaq 100 index flashed a technical “sell” signal, according to Fairlead Strategies’ Katie Stockton.
In a Monday note, Stockton highlighted that the weekly moving average divergence-convergence, or MACD, indicator for the Nasdaq 100 flashed a “sell” signal on Friday. It’s the first signal from the indicator since it flashed a “buy” signal on November 11.
The MACD is a trend-following momentum indicator that technical analysts…
