Nasdaq: Negative pressure exists 31/10/2023

Limited positive attempts dominated the Nasdaq index yesterday, recording its highest level during the first trading sessions of this week at 14,391.

On the technical side today, we are leaning towards negativity. We are relying on the continuation of movement below the simple moving averages and on trading stability below the 14,320 resistance level.

We are leaning towards negativity in the coming hours, aiming to retest 14,190 as the first target, knowing that breaking the aforementioned level will extend the losses as we wait for a visit to 14,120.

Only from above, crossing upwards and rising above 14,360 will lead the index to reduce its losses towards 14,460, and attempts to rise may extend towards 14,530.

Please note that today, the market is awaiting significant economic data from both the US, including the Consumer Confidence Index, and Canada, particularly the monthly gross domestic product. When these news releases occur, there might be substantial price fluctuations.

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: 14190	R1: 14360
S2: 14120	R2: 14460
S3: 14020	R3: 14530