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Market Outlook
Nasdaq posts massive gains, where will it be heading to? - Zeal Capital Market

Nasdaq posts massive gains, where will it be heading to?

29-07-2022 02:30

“Fed signaling slower tightening along with upbeat earnings report spur higher bids upon US equities.”

Equity investors rushed into the US market, with Nasdaq posting gains of up to 4% yesterday. Earlier, Federal Reserve announced to raise interest rates by 75 basis points, well within market’s expectation. During its press conference, Fed Chair Jerome Powell reiterates that future rate hike is highly dependent on upcoming economic data, increasing optimism towards US economy and lowering the chances of Fed tipping US towards recession. Adding up, upbeat quarterly report from Microsoft and Alphabet amplified market’s confidence towards US economy.

Quick recap on US100

US100 make a quick U-turn, failing to plunge through strong support of 11148.

US100 Weekly Technical Analysis

Nasdaq posts massive gains, where will it be heading to? - Zeal Capital Market

The index has recovered substantially following previous rebound. MACD began to illustrate bullish momentum which may signal further upside ahead.

US100 Daily Technical Analysis

Nasdaq posts massive gains, where will it be heading to? - Zeal Capital Market

From daily perspective, US100 is currently testing at 12907, one of the key resistance levels to look out for. A close above the level will provide confirmation towards further bullishness ahead in mid-term.

Trading Idea

Nasdaq posts massive gains, where will it be heading to? - Zeal Capital Market

ORDER: BUY STOP

ENTRY: 13100

STOP LOSS: 12680

Target 1: 13560

Target 2: 13900

ZFX Analyst’s Comment

US equities is expected to stage a comeback following recent rejection from the downside. The new wave which has formed may extend its bullishness albeit a confirmation close will be required for the time being.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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