Nasdaq is waiting for pending orders to be activated 10/8/2023

The Nasdaq index declined significantly during the American session trading yesterday, within the expected bearish trend, touching the first target at 15,150 and the second target at 15,100, and approaching by a few points from the official target 15,050, recording its lowest level at 15,070.

The technical side today indicates the possibility of continuing the decline. Still, there is a conflict between the technical signals, we notice the emergence of positive signs on the 14-day momentum indicator, stimulated by the arrival of the stochastic around the intraday overbought areas, and on the other hand, we find the simple moving averages continue to support the bearish daily curve.

We prefer to monitor the price behavior of the index to be in front of one of the following scenarios:

To continue the decline, we need to witness a clear and strong break of the support level of 15,070 and, more importantly, 15,040, which extends the losses, paving the way to visit 14,920 & 14,760.

Consolidation, at least an hourly candle above 15,320/15,300, is considered a catalyst that initially enhances the chances of visiting 15,480.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Price Index” and “Weekly Unemployment Claims”, and we may witness high price volatility.

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: 15040	R1: 15320
S2: 14920	R2: 15480
S3: 14760	R3: 15610