Image Source: UnsplashThe Nasdaq Financial 100 Index consists of the stocks of the 100 largest financial companies based on market capitalization that are listed on the Nasdaq Stock Market. It is lesser known than its sister index, the Nasdaq 100, which excludes stocks of companies in the financial sector.Below is a weekly chart of the Nasdaq Financial 100 Index. Recently it pulled back to a prior swing high, after rising above an important peak from January 2023. At the same time, the Nasdaq 100 Index has pulled back from its all-time highs. In my view, the longer-term trend of both indices is still to the upside.On the chart, I have drawn in a curved trend channel that may provide the path for the Index going forward and guidance on where potential fair value (middle line) and extremes (upper and lower lines) might be found.
Nasdaq Financial 100 Index – Weekly Chart
My daily chart has curved trendlines in the form of moving averages. In mid-April, the Index found support close to the rising purple lines and now it is approaching them again from above. I have marked the levels which I consider significant and next potential support areas, if the Index declines under the purple lines.
Nasdaq Financial 100 Index – Daily Chart
More By This Author:S&P 500 Index In A Downswing On The Weekly Chart
Alvotech’s Share Price At A Critical Juncture
Iceland’s Stock Indices At Important Inflection Points
