Nasdaq oscillates in a range, waiting for further signal.
“Nasdaq thread water as the market waits for more signals from Federal Reserve.”
Nasdaq remains muted following the resumption of trading while investors await more market signal from Federal Reserve. Likewise, worries over China’s economic slowdown continues to weigh on global sentiment as recent boom in Covid cases may bring significant impact over consumer spending and output.
Quick recap on Nasdaq
The index slumped significantly after failing to extend its recover above 12065.
Nasdaq Weekly Technical Analysis
From weekly perspective, recent price action show bulls trying to safeguard its position near the support of 10678.
Nasdaq Daily Technical Analysis
From daily perspective, the index is expected to oscillate in a small range due to lack of market momentum.
ORDER: SELL STOP
STOP LOSS: 10380
Target 1: 10180
Target 2: 10100
ZFX Analyst’s Comment
While recent price action shows inactivity from both bulls and bears, we expect a close below the nearest support in mid-term would warrant for further extension towards the downside.
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.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!