Nasdaq Technical Analysis and Market Outlook: Recession Risks and AI Concerns
The Nasdaq index experienced a significant decline, falling from its strong resistance level of 19,625, as we noted yesterday, and plummeting by approximately 5.20%. Outlook: For the Nasdaq to sustain its bearish trajectory, it needs to stabilize below the demand zone, which lies between 18,640 and 18,430.
Bullish Scenario: If a 4-hour candle closes above 18,640, the price could advance to 18,930 and 19,100.
Bearish Scenario: As long as the price remains below 18,640, it is likely to drop to 18,435. A break below 18,435 could see further declines to 18,150 and 17,880.
Expected Range for Today: The price is anticipated to fluctuate between the support at 18,150 and the resistance at 18,750.
Today's Non-Farm Payroll (NFP) and Unemployment Rate reports are expected to significantly impact the market.
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Market Overview: Rethinking Recession Risks and AI
Global markets are jittery, reassessing recession risks and reacting to the performance of Big Tech. As August unfolds, concerns over a 'hard landing' for the global economy resurface, especially as central banks relax policies and bond yields decline.
The trading landscape has been turbulent across financial markets. Despite the much-discussed rotation within stock sectors, the most notable shift is from stocks to bonds as the fear of recession re-emerges.
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