The Stock market rallied following the July US CPI inflation data, with the Nasdaq 100 climbing to an all-time high of 23,849. Overlooking the economic picture for now, price action has exhibited a clear uptrend since early April this year. This is evident from the price, which has chalked up a series of higher highs and higher lows, trading above the 200-day simple moving average at 21,100, and with the dynamic value pointing higher.
Traders seldom attempt to buy at record highs; they tend to buy into retracements from support levels. Therefore, support levels of note right now include 23,347 (1W), 22,990 (1W), and 22,592 (1M).
Written by the FP Markets Research Team
Traders seldom attempt to buy at record highs; they tend to buy into retracements from support levels. Therefore, support levels of note right now include 23,347 (1W), 22,990 (1W), and 22,592 (1M).
Written by the FP Markets Research Team
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.