TODAY’S MARKET IDEA: NASDAQ Index (US 100)
Commentary: Global risk appetite could be finding support from the easing of the China COVID restrictions, reduced energy supply risk, and slower pace of US interest rate outlook.
NASDAQ 100 Index: (4 hour chart) current price trading within an upward sloping price channel; MACD is above its signal line (bullish); relative strength above 50 indicates the prospects for potential further upside in the very short term (5-13 days) for move towards the 38.2% retracement from the 13 week high spotted near 12,035; downside support at 11,633.
Commentary: Global risk appetite could be finding support from the easing of the China COVID restrictions, reduced energy supply risk, and slower pace of US interest rate outlook.
NASDAQ 100 Index: (4 hour chart) current price trading within an upward sloping price channel; MACD is above its signal line (bullish); relative strength above 50 indicates the prospects for potential further upside in the very short term (5-13 days) for move towards the 38.2% retracement from the 13 week high spotted near 12,035; downside support at 11,633.