Nasdaq celebrates the US stock market 14/12/2023

The Nasdaq index displayed significant gains during the last trading session, aligning with our expectations, and it reached the official target at 16,530, achieving its highest level at 16,666.

From a technical perspective, the upward trend persists, supported by positive momentum from the simple moving averages, which are consistently lifting the price from below. Additionally, positive signals are emanating from the 14-day momentum indicator.

Therefore, the upward bias is favored for the day. If the price consolidates above 16,665, it would facilitate a move towards 16,760 as the initial target, with potential gains extending to 16,870.

However, it’s crucial to note that if daily trading stability returns below 16,450, it could delay further upward opportunities, placing the index under temporary negative pressure, with a target of 16,245.

Cautionary Note: Risks are elevated. Today, we are anticipating high-impact economic data from the British economy, including the Monetary Policy Summary, Interest Rate Decision, and Monetary Policy Committee vote on interest rates. Eurozone economic data includes Interest Rate Decision, ECB Monetary Policy Statement, and ECB President’s press conference. Additionally, from the United States, the focus is on US retail sales. The risk level is high amid ongoing geopolitical tensions, and there may be high price volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 16450	R1: 16760
S2: 16245	R2: 16870
S3: 16140	R3: 17070