Where is Nasdaq heading? support line where, resistance where?
Take noted the below is not an investment advise, bet at your own risk. I am solely not responsible for any of your loses in money or assets.
The Current Nasdaq Composite price is 13211.81 as of 25 September 2023.
The Nasdaq have potential to drop to 12022.08 to 12000 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover between 14189.43 to about 12022.08 within this period.
Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This will drive and test the resistance level at 14189.43. If there is a breakout then the next level of weaker resistance based on the dynamic resistance will be at 15466.76.
Potential strong headwind will drive the market to around 12022.08 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from 12022.08 and head lower to a stronger support at 10604.35. This is highly unlikely to happen withing next few months as the Fed's is data dependent and also depend of the next 6 months' data to say that they will maintain the Fed's funds rate for longer. Still I think is not clear at the moment that the Fed's need higher for longer for 2 years.
10604.35 is a very strong support level based on the 1-week chart of Nasdaq composite. I would only start buying a little at 12022.08 and reassess for 2 to 3 weeks before buying more. If by the time Nasdaq reach 12022.08 and the S&P have no reach 3900. The Nasdaq composite might go lower following the S&P 500.
Based on current market condition it is highly unlikely to get a low that surpasses last year October 2022 bottom. However, the future for a US recession is unclear currently as there is both camp of soft landing and a recession.
The Current Nasdaq Composite price is 13211.81 as of 25 September 2023.
The Nasdaq have potential to drop to 12022.08 to 12000 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover between 14189.43 to about 12022.08 within this period.
Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This will drive and test the resistance level at 14189.43. If there is a breakout then the next level of weaker resistance based on the dynamic resistance will be at 15466.76.
Potential strong headwind will drive the market to around 12022.08 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from 12022.08 and head lower to a stronger support at 10604.35. This is highly unlikely to happen withing next few months as the Fed's is data dependent and also depend of the next 6 months' data to say that they will maintain the Fed's funds rate for longer. Still I think is not clear at the moment that the Fed's need higher for longer for 2 years.
10604.35 is a very strong support level based on the 1-week chart of Nasdaq composite. I would only start buying a little at 12022.08 and reassess for 2 to 3 weeks before buying more. If by the time Nasdaq reach 12022.08 and the S&P have no reach 3900. The Nasdaq composite might go lower following the S&P 500.
Based on current market condition it is highly unlikely to get a low that surpasses last year October 2022 bottom. However, the future for a US recession is unclear currently as there is both camp of soft landing and a recession.
Comment:
Since that the 1st November 2023 Fed's FOMC was good news with pause, the Nasdaq market when up to test the projected level at 14189.43.
Current Nasdaq indices is at 14305.03 and testing this 1-day resistance level. Trader should wait for 2 to 3 weeks' time to see the price action and wait for the following 3 news outcome.
1) November 2023 Jobs report
2) November 2023 CPI report
3) December 2023 Fed's FOMC outcome report and Q&A session indications.
Most likely all 3 will be good news can will cause a potential breakout if Fed's announces that there is not more rates hike this year and next year. A pause in hike will cause the market to rally further.
The 1-day resistance 14189.43 or 14305.03 is not likely the peak for coming 1 month's time. Most likely will breach and breakout to higher level.
The next resistance is at 15,430, the 4 hour resistance level which is a weaker dynamic resistance level than 14,189.43. Most like will breach and also breakout from this level.
The most possible level for Nasdaq for the next 6 months is 16,831.21 of good news on Fed's FOMC on 13 December 2023.
Current Nasdaq indices is at 14305.03 and testing this 1-day resistance level. Trader should wait for 2 to 3 weeks' time to see the price action and wait for the following 3 news outcome.
1) November 2023 Jobs report
2) November 2023 CPI report
3) December 2023 Fed's FOMC outcome report and Q&A session indications.
Most likely all 3 will be good news can will cause a potential breakout if Fed's announces that there is not more rates hike this year and next year. A pause in hike will cause the market to rally further.
The 1-day resistance 14189.43 or 14305.03 is not likely the peak for coming 1 month's time. Most likely will breach and breakout to higher level.
The next resistance is at 15,430, the 4 hour resistance level which is a weaker dynamic resistance level than 14,189.43. Most like will breach and also breakout from this level.
The most possible level for Nasdaq for the next 6 months is 16,831.21 of good news on Fed's FOMC on 13 December 2023.
Comment:
If there is a breakout from the 1-day resistance level for about 1.13% and above. To be safe about 1.5% to 2%, there could be a potential indices number of 22898.90 to be reach in 2 years time or slightly more. The time projection will most likely not be in 90% accuracy.
But there is a need for no strong headwind for the USA financial market for next 2 years. Potential confounding variable no seen in next 2 years.
Currently at this point in time not sure 22898.90 will happen. Will update after next 6 months time.
But there is a need for no strong headwind for the USA financial market for next 2 years. Potential confounding variable no seen in next 2 years.
Currently at this point in time not sure 22898.90 will happen. Will update after next 6 months time.
Trade active:
The current price for Nasdaq Composite is at 14403.97 as of 8th December 2023 and is testing the 1-day chart resistance level at 14305.03 as per previous projection on 4th December 2023. The projection was correct of breaching this level.
If good news on the coming week USA CPI and Fed's FOMC meeting then even no breakout the index will most likely reach the next resistance level of 4 hours chart around 15430.00 projected previously.
If good news on the coming week USA CPI and Fed's FOMC meeting then even no breakout the index will most likely reach the next resistance level of 4 hours chart around 15430.00 projected previously.
Trade active:
The current index of Nasdaq 16091.92 clearly breaches the level of 15430 as previously suggested.
The next 1-week resistance level at 17100.81. If no strong headwind appears in the US equity market, Nasdaq can reach this level within Q1 or Q2 2024.
Strong buy on Nasdaq shares. BUY during the pullback. Buy the dip.
BUY!BUY! and BUY!
The next 1-week resistance level at 17100.81. If no strong headwind appears in the US equity market, Nasdaq can reach this level within Q1 or Q2 2024.
Strong buy on Nasdaq shares. BUY during the pullback. Buy the dip.
BUY!BUY! and BUY!
The low was made on 26 October 2023 at 12595.61, a bit higher from than the projected of 12022.08. I have about 95% accuracy in the previous market low projection.