The Nasdaq Composite Index (COMP) is now trading at 13,700, a 1.5% increase from the previous day. In the medium term, the index is in a rising trend channel, with support at 13,200 and resistance at 14,000. The index is approaching resistance at 13,700, which may cause a negative reaction. A break over 13,700, on the other hand, would be a good indicator.<\/p>\n
The index is trading above its 50-day moving average, indicating a positive short-term trend. The index is also trading above its 200-day moving average, indicating a positive long-term trend.<\/p>\n
Levels to keep an eye on include:<\/p>\n
Support: 13,200
\n14,000 resistance
\n13,500 is the 50-day moving average.
\n13,000 is the 200-day moving average.
\nA two-way situation is possible:<\/p>\n
The index may break over resistance at 13,700 and continue to rise.<\/p>\n
The index might fall back around 13,200 before resuming its upward trajectory.
\nThe index might go below the 13,200 level and initiate a downturn.
\nThe Nasdaq Composite Index is on a positive trend overall. However, a fall to support at 13,200 is possible. If the index falls below support, it may enter a downtrend.<\/p>\n
Here are some of the things that might have an impact on the Nasdaq Composite Index in the near future:<\/p>\n
Economic data: The publication of crucial economic statistics, such as GDP growth and unemployment, may influence market mood and the index’s trajectory.
\nEarnings reports: The publication of earnings reports from large corporations may also have an impact on market mood and the index’s trajectory.
\nAny Major geopolitical incident<\/p>\n
Avoid trading the AM New York session today as crucial data related to unemployment is released at 8:30 eastern time<\/p>\n