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Nasdaq Starts Lower as Investors Pause for Breath

nasdaq 100
nasdaq 100

US equity indices started mixed the trading session after yesterday registered all-time highs on Q3 upbeat earnings results. Nasdaq started the day in a cautious mood as US-China talks mounted hopes of a November interim deal. On the data front, United States Nonfarm Productivity came in at -0.3%, below forecasts of 0.9% in 3Q the Unit Labor Costs came in at 3.6%, topping forecasts of 2.2% in 3Q.

The Dow Jones Industrial Average started 0.01% higher at 27,497, while the S&P 500 trading 0.01% lower at 3,070. The CBOE Volatility Index (VIX) gives up 0.12% today at 12.98 to confirm the cautious market mood.

Nasdaq Support and Resistance

Nasdaq positive short term momentum holds despite today’s pullback as the index hovers close to all-time high and inside the ascending trend channel, which started in early 2019. Nasdaq managed to re-enter the ascending channel last week giving bulls again the upper hand. On the upside, first resistance stands at 8,426 the daily high and then at 8,457 the all-time high. Investors looking to enter long positions could buy if the index manages to close above today’s top (8,426), targeting a move above 8,500.

On the downside, first support stands at 8,396 today’s low, then at 8,156 the low from October 25th, while more bids will emerge at 8,000 round figure. A short position might be initiate if the index settles below the 50-day moving average at 8,100.

In Europe, the major indices trading higher, the FTSE 100 is 0.04 per cent higher at 7,391 as the pound trades around 1.2866. CAC 40 in Paris is 0.29 per cent higher at 5,864 and DAX is 0.20% higher at 13,174.