NASDAQ Price Declining Ahead of NVDA Report
E-mini NASDAQ 100 futures fell below the psychological 17,500 level yesterday after trading above 18,000 on Friday.
The reason for the decline may be the fears of market participants ahead of the news release:
today after the close of the main trading session, Nvidia, the 5th largest company by capitalization, will publish its report;
today at 22:00 GMT+3, data from the Federal Reserve will be published, which will provide important information about the prospects for lowering the interest rate.
However, for now the decline looks like a correction.
The NASDAQ 100 chart shows that:
the price is within an uptrend (shown by a blue channel);
the level of 18000 acted as psychological resistance, as the price turned down after a small puncture;
the price fixes below the local ascending channel (shown by purple lines).
For now, the support level at 17,500 is keeping the price from falling further, but if the news is disappointing, the price may drop to the lower border of the channel it is even possible that the bears will attempt a breakout.
Read more: https://fxopen.com/blog/en/oa-nasdaq-price-declining-ahead-of-nvda-report/
Text source: Forex Trading Blog
