Skip to main content

Market Overview

Friday's Market Minute: Tech Rolls On

Friday's Market Minute: Tech Rolls On

Nasdaq-100 futures made new all-time highs this week, breaking above the 11,000 level after two failed attempts last month and logging eight days of gains during the past nine for a 7% rise. Bulls have been stampeding since the COVID-19 selloff, and the tech-heavy index is now up a staggering 70% off the lows. The week saw relatively subdued trading volume as the /NQ pushed above the upper boundary of the Linear Regression 50% channel near 11,188.

The RSI is on the verge of crossing into the overbought area, which would typically be viewed as bullish in terms of momentum. However, traders should also note that the RSI has been showing bearish divergence since mid-June, meaning price made new highs while the RSI did not during corresponding times. The concept of old resistance becoming new support suggests that the 11,000 level will be important to watch going forward, with the 21-day EMA near 10,806 below that as another likely point of support.

Photo by Austin Distel on Unsplash


Related Articles

View Comments and Join the Discussion!

Posted-In: RSI TDAmeritrade tech industryNews Futures Markets Tech General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at