Nasdaq continues to post losses 7/9/2023

Yesterday, the Nasdaq index declined significantly within the negative technical outlook expected during the previous technical report, touching the official target of 15,310, recording its lowest level of 15,286.

On the technical side today, we tend toward negativity in our trading, but with caution, relying on the clear negative signals on the 14-day Momentum indicator on short time frames and the clear negativity on the Stochastic indicator.

Therefore, the downward bias is the most likely during today’s session, knowing that confirmation of breaking 15,285 directly opens the door for visiting the second target, 15,260, and then 15,1610, the next official station.

Activating the proposed bearish scenario requires trading to remain stable below the resistance of 15,470, noting that price consolidation above it will immediately stop the proposed scenario and the index will recover to retest 15,590.

Note: Today we are awaiting high-impact economic data issued on the American economy, the “ISM Services Purchasing Managers’ Index,” and we may witness high volatility at the time of the news’s release.

Note: The risk level may be high.

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: 15250	R1: 15470
S2: 15160	R2: 15595
S3: 15035	R3: 15685