Today analysis for Nasdaq, Oil, and GoldNasdaq
The Nasdaq closed flat due to the U.S. stock market holiday and early futures market closure. The MACD has fallen below the zero line on the daily chart, indicating continued selling pressure. Today's non-farm payroll data will be a key event, as it may determine whether the Nasdaq breaks below the 60-day moving average and continues its decline.
On the 240-minute chart, both the MACD and Signal lines remain below the zero line, indicating a persistent bearish trend. This suggests a possibility of further sharp declines, potentially expanding the divergence. Ahead of the data release, the pre-market is likely to remain range-bound. Focus on range-trading strategies but manage risks carefully as the non-farm payroll data approaches.
Oil
Oil closed higher, finding support near the 240-day moving average on the daily chart. After facing initial resistance around the $75 level, oil found support at the 240-day moving average, indicating a strong chance of another attempt to break above $75. Additionally, support near the 10-day moving average suggests the potential for another upward wave.
On the 240-minute chart, a buying attempt is evident as the MACD moves closer to the Signal line. The chart resembles a head-and-shoulders pattern, where the neckline provides support, and the price may be attempting to form the right shoulder. Whether oil will surge beyond $75 remains uncertain, as the divergence in the MACD on the 240-minute chart and potential for time correction on the daily chart suggest caution. Avoid chasing prices at the highs; instead, confirm a breakout before taking action. Overall, buying on dips is the preferred strategy.
Gold
Yesterday, gold closed higher, continuing its upward trend on the daily chart. The MACD is approaching the zero line, and today's non-farm payroll data will determine whether gold moves above the zero line to resume a bullish trend or sharply reverses, resulting in a MACD dead cross and a bearish trend.
On the 240-minute chart, the bullish momentum remains strong, but upcoming events such as today's data and next week's CPI report could create a turning point. Given the potential for trend changes, it’s better to react to established trends. While the short-term trend is strong, range-bound movement in the pre-market is possible, so trade accordingly. Buying on dips remains a favorable approach.
As we approach the end of the trading week on Friday, heightened volatility is expected due to the non-farm payroll data. Manage risks carefully, and may you have a successful trading day!
■Trading Strategies for Today
Nasdaq - Range-bound Market
-Buy Levels: 21,190 / 21,120 / 21,065 / 20,990 / 20,945
-Sell Levels: 21,315 / 21,360 / 21,410 / 21,500
Oil - Bullish Market
-Buy Levels: 73.90 / 73.50 / 73.00
-Sell Levels: 74.80 / 75.20 / 75.60 / 76.40
Gold - Range-bound Market
-Buy Levels: 2,685 / 2,681 / 2,676 / 2,670 / 2,665 / 2,661
-Sell Levels: 2,700 / 2,705 / 2,710 / 2,716
These strategies are applicable only during pre-market hours. Profit-taking and stop-loss levels are set as follows: Nasdaq: 15 points, Oil and Gold: 20 ticks.
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