Today's focus: Nasdaq /NDX100
Pattern – Ascending Triangle
Possible targets – 15,600, 16,500
Support – 15,000
Resistance – 15,220, 15,250
Today we are looking at the Nasdaq/NDX100 as price sits in a continuation pattern just below key resistance. This is an interesting set-up as we have key US inflation data coming out today, and interest rates remain a hottish topic. We have broken down the price action and pattern in today’s video and how this connects to the CPI data.
There’s no guarantee that a drop will drive buyers onward, but it could also be a driver that continues buyer momentum and could set up a new test and break of the pattern. We will be watching the core figure as it’s been the most stubborn of the three. Y/Y is expected to drop to 3.1% and the Core to 0.3%.
The CPI data is due at 8:30 am ET / 10:30 pm AEST.
Have a great day and good trading.
Pattern – Ascending Triangle
Possible targets – 15,600, 16,500
Support – 15,000
Resistance – 15,220, 15,250
Today we are looking at the Nasdaq/NDX100 as price sits in a continuation pattern just below key resistance. This is an interesting set-up as we have key US inflation data coming out today, and interest rates remain a hottish topic. We have broken down the price action and pattern in today’s video and how this connects to the CPI data.
There’s no guarantee that a drop will drive buyers onward, but it could also be a driver that continues buyer momentum and could set up a new test and break of the pattern. We will be watching the core figure as it’s been the most stubborn of the three. Y/Y is expected to drop to 3.1% and the Core to 0.3%.
The CPI data is due at 8:30 am ET / 10:30 pm AEST.
Have a great day and good trading.