NASDAQ 100 : OPTIMISM REMAINS
- The market has been trading inside a bullish channel since the beginning of 2023 ; the long-term trend is then bullish
- Since the establishment of a new all-time high over 18,430pts, the market has registered a pull-back.
Investors, pushed by fading hopes rate cuts in the US as well as rising geopolitical tensions in the middle-east, decided to temporarily reduce their exposure to riskier assets such as stocks.
Both moving averages are now bearish following a downside cross, while the MACD indicator also confirms the correction.
- The market currently trades between 16,950pts and 17,780pts. An extended pull-back towards the 50% Fibonacci retracement over 16,250pts could still take place without threatening the long-term trend.
This scenario highly depends on the next batch of corporate results from the "magnificent seven", which starts this week with TESLA, Microsoft, Meta Platform and Alphabet.
Investors remain broadly optimistic regarding revenue forecast from these companies. If earning reports were to fall short below expectations, this could have a dramatic impact towards market sentiment.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the establishment of a new all-time high over 18,430pts, the market has registered a pull-back.
Investors, pushed by fading hopes rate cuts in the US as well as rising geopolitical tensions in the middle-east, decided to temporarily reduce their exposure to riskier assets such as stocks.
Both moving averages are now bearish following a downside cross, while the MACD indicator also confirms the correction.
- The market currently trades between 16,950pts and 17,780pts. An extended pull-back towards the 50% Fibonacci retracement over 16,250pts could still take place without threatening the long-term trend.
This scenario highly depends on the next batch of corporate results from the "magnificent seven", which starts this week with TESLA, Microsoft, Meta Platform and Alphabet.
Investors remain broadly optimistic regarding revenue forecast from these companies. If earning reports were to fall short below expectations, this could have a dramatic impact towards market sentiment.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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