Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Trading the Trend: long NASDAQ 100 but on a retracement lower

Since the NASDAQ 100 has likely resumed its 2023 uptrend we would like to go long the index but do so on a minor retracement lower towards 14,940 with a stop-loss at 14,430 and an upside target around 16,000.

Video poster image

(Video Transcript)

Long Tesla trade going well

Hello and welcome to this week's Trading the Trend on Wednesday 11 October 2023. Last week we went long Tesla shares and we did so around $245.80 and you can see here that this trade has worked out quite well so far.

We've risen to $265 so what you can now do is move your stop loss level either to break even or I would just move it to below the last reaction low, that's to say a low which is lower than the candle to its left and to its right and that was made on 6 October.

So I'll just place it below the 6 October low around $250.70. So even if the Tesla share price were to reverse lower we would make a small profit on this trade. Otherwise, I would let it run because it could well head all the way back up again towards the high seen back in July around the $300 mark.

Go long NASDAQ 100

Now with regards to this week what I would like to do is to go long the NASDAQ 100 because I expect the uptrend we've seen since the beginning of the year to have resumed and that the corrective moves we've seen since July of this year were exactly that, they were just a correction in an uptrend.

Therefore, I would like to buy into this rally we've seen over the last few days as the Federal Reserve becomes more dovish.

Now I wouldn't do so straight away here, I would wait for a retracement to the downside perhaps taking us back down again towards the late September highs, so around 14,940 you could perhaps go long and place your stop loss below the recent lows here seen at the end of September and beginning of October.

So this week's Trading the trend is to go long the NASDAQ 100 on a retracement lower though towards 14,940 or so with a stop loss at 14,430 and an upside target around the 16,000 mark.

Find out how to buy Birkenstock shares as they launch on the NASDAQ today.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Seize your opportunity

Deal on the world’s stock indices today.

  • Trade on rising or falling markets
  • Get one-point spreads on the FTSE 100
  • Unrivalled 24-hour pricing

See opportunity on an index?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on an index?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from one point on the FTSE 100
  • Trade more 24-hour indices than any other provider
  • Analyse and deal seamlessly on smart, fast charts

See opportunity on an index?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.