Type:
Bullish Continuation
Key Levels:
Resistance: 15621.25
Pivot: 14826.75
Support: 14510.25
Preferred Case:
Price is near pivot level of 14826.75 in line with 50% Fibonacci retracement. Price can potentially go top the resistance level of 15261.25 which is also 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the ichimoku cloud indicator.
Alternative Scenario:
Price can potentially dip to the support level of 14510.25 in line with 50% Fibonacci retracement.
Fundamental news:
Key event to look out for in regards to NASDAQ would be tomorrow's CPI data. Inflation numbers will directly affect the NASDAQ , as it is tech heavy. In the scenario where the inflation numbers are greater than expectations, you can expect a drop in the stock market as interest rate hikes continue to plague the market. Do take note that as fundamentals and technicals do not line up, there will be a risk on factor when looking into NQ1!.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.