Nasdaq index is decreasing; the price is now trading near the support level of 2/8 or 6718.8. If the price is set below it, the next target will be 1/8 Murray or 6640.6.
On Friday Janet Yellen was out as the head of Fed and mentioned, that the assets prices are overstated, which affected the stock market negatively. On the other hand, the interest rate rise will increase the value of the loan and will decrease the cheap capital inflow into the corporate sector. The second negative factor was IT sector prices fall: Google lost 5.28%, Apple decreased by 4.34% due to the fall of IPhoneX sales.
This week NVidia, Walt Disney, and Phillip Morris will publish the reports. As for macroeconomic data, Trade balance release on Tuesday and Consumer Credit Change publication on Wednesday are worth traders’ attention.
Support and resistance
Stochastic is at the level of 22 points and reflects the possibility of the correction.
Resistance levels: 6796.9, 6850.0.
Support levels: 6718.8, 6659.6.
Long positions can be opened at the current level with the target at 6794.9 and stop loss at 6690.8.
NASDAQ100 index of the American stock exchange
|Support levels||6659.6, 6718.8, 6796.9, 6850.0|
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