The Nasdaq 100 (USTEC) is currently traded around 20157.60, rebounding after testing support near 19642.88 (50% Fibonacci retracement level). The market has experienced a sharp decline from recent highs near 22142.60, but buyers have stepped in around the 19642.88 area, leading to a minor recovery. The Stochastic oscillator remains in oversold territory, indicating potential for a technical rebound.
After a strong bullish trend, USTEC faced heavy selling pressure and retraced towards the 50% Fibonacci level (19642.88). The price is now attempting to reclaim the 61.8% retracement level (20157.60), which could act as a key pivot point. A sustained move above this level could indicate further upside potential, while failure to hold could lead to another downward push.
The Stochastic (5,3,3) oscillator is oversold but beginning to turn upward, suggesting early signs of bullish momentum. However, the 50-week moving average is still above the price, indicating that the broader trend remains under correction.
Market Observation & Strategy Advice:
1. Key Resistance Levels: 22142.60 (recent high). A rally above 20157.60 could push the price toward the 20800-21000 range.
2. Current Support Level: 19642.88 (50% Fibonacci retracement). A breakdown below this level could trigger further downside toward 19142.60 (38.2% Fibonacci retracement).
3. Momentum Indicator: Stochastic shows signs of an early bullish crossover, suggesting a potential short-term rebound.
4. Trading Strategy: Look for buy entries above 20157.60, targeting 20800-21000 with stop-loss below 19950. Conversely, if price rejects 20157.60, a short position could be considered with a target of 19642.88.
5 . Risk Management: Use tight stop-losses to mitigate downside risk, as the broader trend still exhibits bearish correction signals.
Market Performance:
Index Last Price % Change
S&P 500 5,767.56 +1.76%
Dow Jones 42,583.32 +1.42%
Today’s Key Economic Calendar:
DE: Ifo Business Climate
UK: CBI Distributive Trades
US: New Homes Sales
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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