Nasdaq starts the week higher as optimism about trade deal between China and US boost stocks in Wall Street; the S&P 500 is 0.49% higher at 3,125 the Dow Jones adding 0.40% at 27,987 while Nasdaq is outperforming adding 0.90% at 8,596.
InvestingCube's S&R Levels
Not in Buy Zone
Earlier today the United States Chicago Fed National Activity Index came in at -0.71 below forecasts of -0.43 in October.
Encouraging macro data might further boost the sentiment in Wall Street. Investors will follow the US consumer confidence on Tuesday, preliminary Q3 real GDP, the October durable goods orders, the November Chicago PMI and the Fed’s Beige Book on Wednesday.
The CBOE Volatility Index (VIX) gives up 0.28% today at 12.09 to confirm the positive market mood.
Nasdaq bullish momentum continues after a short break the previous week jumping to record highs and inside the short term ascending trend channel, which started in October. On the upside, first resistance for Nasdaq stands at 8,599 the daily high and then at 8,700 round figure. Traders looking to enter long positions could buy if the index manages to close above today’s top (8,599), targeting a move above 8,700.
On the downside, first support stands at 8,559 today’s low, and then 8,482 the low from Friday November 22, while more bids will emerge at 8,218 the 50-day moving average. Traders looking to enter a short position could wait for a close below the 50-day moving average at 8,218.More content