Nasdaq: What impact will Super Tuesday have?
Yesterday, the U.S. experienced a cut in the price of its major indices following Monday's Fed statement. This week, manufacturing, employment and non-farm payrolls data will determine the trend of the US indices. In addition to these economic events, this week features data from companies focused on AI investing, such as Broadcom, MongoDB, Nvidia, Target, Macy's, Dollar Tree, Foot Locker, GitLab, Burlington Stores and Kroger, among others.
Bank of America's outlook for the index is a target of 5400 points. JPMorgan considers the situation unhealthy for the market and expects to see a reflationary backdrop for value and international stocks. UBS points to a goldilocks scenario discounting the risks, and suggests that the macroeconomic regime may change rapidly. Today is SuperTuesday in the US elections and a possible Trump strengthening among Republicans is on the cards. The unknown is whether Haley will be able to gain ground on Trump.
The Nasdaq has experienced a downward reversal this week, looking for last Friday's price with a large oversold indicated on its RSI, marking 32.87%. It is currently trading in the price zone of 18,132.24 points, with a bearish premarket. Today could be a key day with the election hogging the spotlight to see if a pullback bounce presents itself with some strength if Trump gains ground against the incumbent president. From a longer timeframe context, the current move has closed a bullish gap, which could anticipate a bullish reversal looking for 18,352.39 points. Otherwise, we could see a continuation down to 18,028.51 points or a sideways movement until the market reacts to new news. At the moment the index is still in the upper zone of an uptrend pulling towards the middle of the channel, so depending on whether the current support holds or not we could see a move that pronounces the market with bullish strength. If not, it could continue down to 18028.51 or in a sideways range until the market pronounces itself with new news.
Ion Jauregui - AT Analyst
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Bank of America's outlook for the index is a target of 5400 points. JPMorgan considers the situation unhealthy for the market and expects to see a reflationary backdrop for value and international stocks. UBS points to a goldilocks scenario discounting the risks, and suggests that the macroeconomic regime may change rapidly. Today is SuperTuesday in the US elections and a possible Trump strengthening among Republicans is on the cards. The unknown is whether Haley will be able to gain ground on Trump.
The Nasdaq has experienced a downward reversal this week, looking for last Friday's price with a large oversold indicated on its RSI, marking 32.87%. It is currently trading in the price zone of 18,132.24 points, with a bearish premarket. Today could be a key day with the election hogging the spotlight to see if a pullback bounce presents itself with some strength if Trump gains ground against the incumbent president. From a longer timeframe context, the current move has closed a bullish gap, which could anticipate a bullish reversal looking for 18,352.39 points. Otherwise, we could see a continuation down to 18,028.51 points or a sideways movement until the market reacts to new news. At the moment the index is still in the upper zone of an uptrend pulling towards the middle of the channel, so depending on whether the current support holds or not we could see a move that pronounces the market with bullish strength. If not, it could continue down to 18028.51 or in a sideways range until the market pronounces itself with new news.
Ion Jauregui - AT Analyst
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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