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Trends & Analysis
News

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Trends & Analysis
News

Crude falls for 4th straight day on demand woes

News

Nvidia’s stock surges past $1,000 on strong Q1

News

Will mighty Microsoft build on its 2024 gains?

News

USD gains amid Fed rate cut speculations

News

Is the silver squeeze back?

News

Li Auto’s stock hits a speedbump on Q1 results

Asset Watch

NASDAQ price braces for the US CPI report

Thursday, October 12, 2023

NASDAQ price news, and analysis

• The data release scheduled today might be a “game changer” for the market.
• The NASDAQ price faces a key resistance level, what is next?

 

US indices prices experienced an upturn following dovish statements by some Federal Reserve members, indicating a shift away from their previously hawkish stances that advocated for possible interest rate hikes. This shift indicates that interest rates have already reached their highest attainable levels, and raises the possibility of a soft landing or averting an economic recession in the coming year.

In the recent session, markets somewhat ignored the unexpectedly higher US Producer Price Index data. Today, however, the most critical and influential data for indices and the US dollar will be released—the US Consumer Price Index for September. These numbers serve as a significant test for the financial markets. Any higher-than-expected data could negatively impact risk appetite and index prices, while bolstering US dollar prices by increasing the likelihood of an interest rate hike. Conversely, any lower-than-expected data could have a positive effect on risk appetite and index prices, and a negative impact on the dollar, reducing the probability of a US interest rate increase.

 

NSDAQ Price Daily Chart

 

Chart source ADSS Platform

On September 27, the NASDAQ fell to a multi-month low at 14429 then rallied on taking profit operations. This week the price closed above the 50-day simple moving average reflecting that bulls have taken the initiative. Currently, the index eyes a test of the bearish trendline originating from the July 19 high at 15930 and a daily close above that line opens the door for the price to rally towards 16318. However, the resistance levels located at 15560 and 15795 should be watched along the way.

On the other hand, any failure in closing above the bearish trendline signals a weaker bullish sentiment and could send the price to revisit the support level at 14550. A daily close below that level reflects a stronger bearish momentum and may send the price towards 13729. That said, the support level located at 14100 should be kept in focus.


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