Support Bounce to Feed a New Continuation? | Indices | Nasdaq
Today’s focus: NASDAQ (NDQ100)
Pattern – Continuation
Support – 15,015
Resistance – 15,435
• The Nasdaq led US indices on Monday, adding 1.05%
• Could this be the start of a new continuation higher?
Today’s focus is on the NDQ100 index, and we are watching to see if yesterday’s rally and support hold could be the beginning of a new continuation pattern. Our last report discussed whether the price could return to the main trendline after breaking its fast trend.
From here, we want to see buyers continue to push forward. Today’s retail sales at 8:30 could be a factor, and we feel that overly strong data could hurt stock indexes. A move back to support would be a worry and could show that buyer strength is not that strong currently. If the price continues to rally, 15,435 could be a first test.
Another news item to watch this week will be the FOMC meeting minutes. Buyers will be looking for a dovish tone from the Fed to help support upward momentum.
Have a great day and good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.