First Trust NASDAQ-100 Equal Weighted ETF Forecast
Red day on Wednesday for First Trust NASDAQ-100 Equal Weighted
(Updated on May 01, 2024)
The First Trust NASDAQ-100 Equal Weighted ETF price fell by -0.691% on the last day (Wednesday, 1st May 2024) from $117.20 to $116.39. During the last trading day the ETF fluctuated 2.03% from a day low at $116.16 to a day high of $118.52. The price has been going up and down for this period, and there has been a -0.27% loss for the last 2 weeks. Volume has increased on the last day by 36 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 70 thousand shares were bought and sold for approximately $8.11 million.
The ETF lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -2.68% during the next 3 months and, with a 90% probability hold a price between $111.53 and $119.40 at the end of this 3-month period.
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QQEW Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 1.16%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Trust NASDAQ-100 Equal Weighted ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $117.99 and $120.49. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for First Trust NASDAQ-100 Equal Weighted ETF
First Trust NASDAQ-100 Equal Weighted finds support from accumulated volume at $116.26 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $2.36 (2.03%) between high and low. For the last week, the ETF has had daily average volatility of 1.32%.
Our recommended stop-loss: $110.45 (-5.10%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (QQEW) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect First Trust NASDAQ-100 Equal Weighted Index Fund to open at $117.02, and during the day (based on 14 day Average True Range), to move between $114.80 and $117.98, which gives a possible trading interval of +/-$1.59 (+/-1.37%) up or down from last closing price. If First Trust NASDAQ-100 Equal Weighted Index Fund takes out the full calculated possible swing range there will be an estimated 2.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $116.26 (0.11%) than the resistance at $119.50 (2.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is First Trust NASDAQ-100 Equal Weighted Index Fund ETF A Buy?
First Trust NASDAQ-100 Equal Weighted holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.244 Hold/Accumulate Unchanged
Predicted Opening Price for First Trust NASDAQ-100 Equal Weighted Index Fund of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $117.02 ( 0.545%) | $116.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QQEW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 119.38 | 2.57 % | |
| R2 | 118.48 | 1.80 % | ||
| R1 | 117.92 | 1.32 % | ||
| Current price: | 116.39 | |||
| Support | S1 | 116.12 | -0.228 % | |
| S2 | 115.57 | -0.706 % | ||
| S3 | 114.67 | -1.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 121.59 | 4.47 % | |
| R2 | 119.75 | 2.89 % | ||
| R1 | 119.50 | 2.67 % | ||
| Current price | 116.39 | |||
| Support | S1 | 116.26 | -0.112% | |
| S2 | 116.01 | -0.326% | ||
| S3 | 115.05 | -1.15% |
QQEW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Mar 28, 2024 | $0.215 | 0.174% |
| 2 | Dec 22, 2023 | Dec 22, 2023 | Dec 29, 2023 | $0.323 | 0.275% |
| 3 | Sep 21, 2023 | Sep 22, 2023 | Sep 29, 2023 | $0.160 | 0.154% |
| 4 | Jun 26, 2023 | Jun 27, 2023 | Jun 30, 2023 | $0.154 | 0.144% |
| 5 | Mar 23, 2023 | Mar 24, 2023 | Mar 31, 2023 | $0.182 | 0.181% |
FAQ
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