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Nasdaq Turns Positive Ahead of Fed Meeting

Nasdaq 100

Nasdaq started the week lower but as of writing turned positive on bullish momentum after Friday’s influential NFP figures. Investors focus continues to be on the trade talks between USA and China. Fed and its monetary policy statement on Wednesday might provide fresh impetus on the interest rate and the economic outlook with analysts expecting the central bank to hold interest rates steady after three 25 bps hikes in the last meetings.

China’s exports fell 1.1% year-on-year below the analyst’s expectations of 1% rise, amid delay’s on the phase one deal. In Europe, Germany Exports surprised positive as the figure came in at 1.2%, topping expectations of -0.3% in October. The Imports came in at 0%, also above forecasts for -0.1% for October.

Nasdaq Levels to Watch

Nasdaq upward move continues after a short break the previous week hovering close to record highs and inside the short term ascending trend channel, which started back in October. On the upside, immediate resistance for Nasdaq index stands at 8,678 the daily high and then at 8,705 all-time high. Traders could wait until the Feds decision on Wednesday  to enter long positions in case the index breaks above the record high, targeting the 8,750 mark.

On the other hand, Nasdaq index immediate support stands at 8,650 today’s low, and then 8,482 the low from Friday November 22, while more buyers will wait at 8,314 the 50-day moving average. Investors looking to enter a short position could wait for a settlement below the 50-day moving average at 8,314.