NASDAQ100 INDEX - 4H - Technical analysis published on 09/05/2024 (GMT)
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- Timeframe : 4H
NASDAQ100 INDEX Chart
Fundamental:
The USTEC remained relatively stable as market sentiment grew risk-averse ahead of the Non-Farm Payroll (NFP) report, with rising recession concerns. Investors are anticipating a wave of key economic data on Thursday while grappling with this week’s market turbulence, which has heightened fears that the US economy's 'soft landing' might turn more severe.
Recent data showed US job openings fell to a 3.5-year low in July, signaling a slowdown in the labor market and prompting investors to shift strategies by selling stocks, buying bonds, and preparing for potential rate cuts.
US rates futures now reflect a 50-50 chance of a 50 basis point rate cut by the Fed later this month. As concerns about an economic downturn grow, markets are likely to consolidate until the upcoming data releases provide clearer insights.
Technicals:
USTEC consolidated with no significant changes. The index has yet to retest the support- become-resistance level. Diverging bearish EMAs indicate a downward potential.If USTEC breaks below 18600, the index may extend its plunge to around 17600.Alternatively, the index may continue sideways if no apparent breakout occurs.
This member declared not having a position on this financial instrument or a related financial instrument.
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