The Nasdaq 100 index (USTEC) is currently traded around 18705.85, experiencing a sharp decline after reaching its peak earlier this year. The price has broken below key support levels, indicating potential further downside pressure. However, the current position aligns with an important technical level that may determine the next move.
USTEC is traded between 18384.28 (support) and 19874.80 (resistance). The recent bearish momentum has pushed the price below the mid-line of the Bollinger Bands, with a continuation toward the lower band. The Stochastic Oscillator is deeply oversold at 10.67, suggesting that a relief bounce could occur if buying pressure emerges.
The price has broken below the 18705.85 level temporarily, but if it manages to reclaim this level, a short-term recovery is possible. Otherwise, the next support at 18384.28 may be tested. The overall trend has turned bearish in the short term, and traders should watch for potential reversal signals before entering long positions.
Market Observation & Strategy Advice:
1. Key Resistance Level: 19874.80 – A recovery above this level is needed to regain bullish momentum.
2. Current Position: 18705.85 – USTEC is testing an important support level. A breakdown could lead to further losses.
3. Support Level: 18384.28 – If the decline continues, this level will be the next key area to watch.
4. Momentum Indicator: The Stochastic Oscillator is in oversold territory, indicating a possible short-term rebound.
5. Trading Strategy:
Market Performance:
Index Last Price % Change
S&P 500 5,396.52 -4.84%
Dow Jones 40,545.93 -3.98%
Today’s Key Economic Calendar:
UK: S&P Global Construction PMI
US: Non Farm Payrolls
CA: Unemployment Rate
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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