US Nas 100Long
Overall view of NASDAQ100 - Update of August the 19th's week
Updated
Fundamentals: The U.S. futures market is indicating a relatively strong upward move after a 10% correction decline. Despite the rebound, uncertainty remains high as recession fears continue to simmer. The U.S. yield curve threw off its strongest recession signal this cycle on Wednesday and remains close to a 2 yr/10 yr inversion. US housing starts came in softer than expected. All sectors were higher on Friday, led by gains in financials and industrials. Utilities were the worst-performing sector in a robust tape.
Technical: NASDAQ100 has been trading sideways after two sell-offs of 4.39 and 3.51% powered by a fear of an imminent recession. The US indices are consolidating on a clear supply and demand level while the daily traded volume is increasing. In fact the false breakout followed by a third bounce on the demand level displays higher odds of an upward movement. Likewise, we are eventually testing the supply level or the all time high level, in the following weeks.
Advice: Stay Bullish and Buy any Low points while we don't break downside 7500.0
Technical: NASDAQ100 has been trading sideways after two sell-offs of 4.39 and 3.51% powered by a fear of an imminent recession. The US indices are consolidating on a clear supply and demand level while the daily traded volume is increasing. In fact the false breakout followed by a third bounce on the demand level displays higher odds of an upward movement. Likewise, we are eventually testing the supply level or the all time high level, in the following weeks.
Advice: Stay Bullish and Buy any Low points while we don't break downside 7500.0
Trade closed: stop reached
Stop loss was reached at breakeven after a maximum profitability of 1:1.
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