Nasdaq 100

Nasdaq Retreats From Record Highs, Bulls still in Control

US equity indices started lower the last trading session of the week after yesterday registered all-time highs on conflicting reports from the China-US trade talks. Nasdaq 100 gives up 0.09% at 8,427. On the data front, the Michigan Consumer Sentiment Index came in at 95.7 above expectations of 95.5 in November, the Wholesale Inventories came in at -0.4%, below forecasts of -0.3% in September.

The Dow Jones Industrial Average started 0.21% lower at 27,616, while the S&P 500 trading 0.18% lower at 3,079. The CBOE Volatility Index (VIX) adds 0.23% today at 12.96 to confirm the cautious market mood.

Don’t miss a beat! Follow us on Telegram and Twitter.

Nasdaq Support and Resistance Levels to Watch

Nasdaq positive short term momentum holds despite today’s correction as the index hovers close to all-time high and inside the ascending trend channel, which started in early 2019. Nasdaq managed to re-enter the ascending channel last week giving bulls again the upper hand. On the downside, first support stands at 8,405 today’s low, and then at 8,156 the low from October 25th, while more bids will emerge at 8,123 th 50-day moving average. A short position might be initiate if the index settles below the 50-day moving average at 8,1230.

On the upside, first resistance stands at 8,441 the daily high and then at 8,483 the all-time high. Investors looking to enter long positions could buy if the index manages to close above today’s top (8,441), targeting a move above 8,500.

In Europe, the major indices trading lower, the FTSE 100 is 0.55 per cent lower at 7,365 as the pound trades around 1.2806. CAC 40 in Paris is 0.24 per cent lower at 5,876 and DAX is 0.52% lower at 13,220.

Nasdaq Retreats From Record Highs, Bulls still in Control
Nasdaq Retreats From Record Highs, Bulls still in Control

More content

Related Posts: