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Nasdaq Retreats on Trade Deal Pessimism

nasdaq 100

US equity indices started the week lower after President Trump said that reports about to roll back tariffs are incorrect.  Meanwhile violent protests in Hong Kong also weigh on risky assets. Nasdaq gives up 0.26% at 8,453. The Dow Jones Industrial Average started 0.42% lower at 27,564, while the S&P 500 trading 0.29% lower at 3,084. The CBOE Volatility Index (VIX) adds 0.59% today at 13.32 to confirm the cautious market mood.

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Nasdaq Technical Levels to Watch

Nasdaq positive short term momentum holds despite today’s retreat as the index hovers close to record highs 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 8,425 today’s low, and then at 8,156 the low from October 25th, while more bids will emerge at 8,132 the 50-day moving average. A short position might be initiate if the index settles below the 50-day moving average at 8,132.

On the upside, first resistance stands at 8,454 the daily top 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 (8,454), targeting a move above 8,500.

In Europe, the major indices trading mixed, the FTSE 100 is 0.54 per cent lower at 7,319 as the pound trades around 1.2867. CAC 40 in Paris turned positive after a negative start and is 0.20 per cent higher at 5,901 and DAX is 0.14% lower at 13,209.More content