By ForexTime
This tech-heavy index has “stalled” at the significant price level of 15530, after a 4000-point move in the index on Friday, November 10th.
The 15530 level has served as a key resistance in the past with recent tests in late August and mid-September failing to breach this level.
Today’s Consumer Price Inflation data (C.P.I) may inject some volatility into the markets
NOTE: CPI measures changes in the prices of goods and services purchased by consumers.
Today’s October CPI data out of the US is expected to show:
Free Reports:
If US inflation surprises to the upside, this raises the probability of more Fed rate hikes.
With the tech index averse to US rate hikes, this could trigger a decline in NQ100_m to test support around:
- 15300: a psychologically-important round number
- 15135.4: former resistance of a downward sloping channel, which could act as support; the 100-day simple moving average (SMA) also resides close by
- 50-day simple moving average
If November’s CPI data comes out lower-than expected, this should encourage NQ100_m bulls to charge on.
On the way upwards, they will have to contend with the following potential resistance levels as they aim for new highs:
In addition, the Average Directional Movement Indicator, (an indicator that shows trend strength) is above the 20-point mid-level, suggesting that the current rally in the NQ100_m is still strong.
This is further confirmed with the Relative Strength Index (RSI) staying above its mid-point level at 50.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
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