Type:
Bullish Continuation
Key Levels:
Resistance: 15256
Pivot: 14812
Support: 14512
Preferred Case:
With price moving above the ichomoku cloud, we are bias that price will retest at the pivot at 14812 in line with the 38.2% Fibonacci retracement level and horizontal overlap support to 1st resistance at 15256 in line with the horizontal overlap resistance and 61.8% Fibonacci projection level.
Alternative Scenario:
Price can potentially break pivot structure and dip to the support level of 14512 in line with the horizontal overlap support.
Fundamentals:
With US inflation report coming out today . It is essential for us to look into the inflation numbers. If inflation numbers go beyond expectations , fear of increased rate hikes will run rampant thus causing NASDAQ which is heavy in tech stocks to fall. Both fundamentals and technicals are in contradiction thus there is a risk factor in regards to NQ1!
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.