Nasdaq is facing temporary negative pressure 7/8/2023

A bearish trend dominates the movements of the Nasdaq index, recording its lowest level.

On the technical side today, our trading tends to be negative, relying on trading stability below the 50-day simple moving average, in addition to the negative signals coming from the 14-day momentum indicator.

From here, and with the stability of intraday trading below 15,500, the bearish slope is the most preferable, targeting 15,260 as the first target, and breaking it increases and accelerates the strength of the falling daily trend, opening the door to visit 15,235.

We remind you that the return of trading stability again above 15,510 will immediately stop the expected bearish trend and lead the index to restore the bullish path with the target of 15,650

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: 15235	R1: 15510
S2: 15110	R2: 15650
S3: 14965	R3: 15770