NASDAQ, DJI, S&P 500 Latest
- US fairness futures flip optimistic whereas quantity subsides
- Nasdaq lags as tech shares monitor China restrictions
- Dow Jones rips increased
Recommended by Tammy Da Costa
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Nasdaq 100, S&P 500 and Dow Jones are buying and selling increased regardless of rising basic dangers. Despite information that China restrictions will stay intact for the foreseeable futures, optimistic earnings from Analog Devices (ADI) and an uptick in revenue margins for Best Buy (BBY) offered some reduction for Nasdaq which is lagging its US counterparts.
With the Thanksgiving vacation shortening the US buying and selling week, sturdy items orders, Michigan sentiment and the FOMC minutes might nonetheless present a catalyst for US inventory indices.
DailyFX Economic Calendar
With rate of interest forecast predicting an 81% chance of a 50bps rate hike on the December Fed assembly, fundamentals stay key for assessing the resilience of the US financial system.
Nasdaq 100 Technical Analysis
For tech heavy Nasdaq 100, worth motion continues to grapple the Fibonacci retracement of the ’20 – ’21 transfer offering resistance round 11700. As demonstrated on the weekly chart under, the the full-bodied candles that developed all through June and July highlighted a powerful zone of resistance which has come again in play.
After the ten November CPI print fueled a bull rally, a rejection of the higher wick at 12118 drove Nasdaq 100 futures decrease earlier than opening the week at 11723.
Nasdaq 100 Weekly Chart
Chart ready by Tammy Da Costa utilizing TradingView
For bullish momentum to carry, a break of 17000 and 11728 might drive costs again in the direction of the November excessive at 12118. As quantity decreases, a drop under 11500 might gasoline the draw back transfer.
Nasdaq 100 Daily Chart
Chart ready by Tammy Da Costa utilizing TradingView
With Dow Jones futures ripping increased, the 34000 deal with might proceed to carry regular whereas a transfer increased paving the best way for the August excessive of 34246.
Dow Jones Future Daily Chart
Chart ready by Tammy Da Costa utilizing TradingView
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and comply with Tammy on Twitter: @Tams707
