NQ: stock indices falling

September 28, 2015

Current trend

Today, Asian and American stock indices are falling, while the US Dollar is strengthening after commentaries by the Fed Chair Janet Yellen that the rate hike is still possible before the end of the year. The USD was also supported by the US GDP data for the second quarter of the year that showed the economy growth of 3.9%, which is 0.2% higher than previous estimates.

This week, markets attention is going to be focused on the NFPR data from the US, which could strengthen the USD if forecasts are confirmed.

The Nasdaq Composite is under pressure from expectations of the rate increase in the US and a continuous fall of the Chinese stock market.

Support and resistance

Today, the Nasdaq Composite opened with a gap and remains in the red zone below the level of 4240.0 (38.2% Fibonacci).

Thenearesttargetsonitswaydowncouldbe4185.0 (ЕМА200 on the weekly chart), 4170.0, 4135.0 (23.6% Fibonacci), 4085.0 (ЕМА200 on the weekly chart). At the same time, its growth is restricted by the levels of 4320.0 (50% Fibonacci), 4360.0 (ЕМА200 on the daily chart), 4405.0 (61.8% Fibonacci).

OsMA and Stochastic on the 4-hour and daily charts give sell signals.

Support levels: 4185.0, 4170.0, 4135.0.

Resistance levels: 4240.0, 4320.0, 4360.0.

Trading tips

Pending sell orders can be placed from the level of 4190.0 with targets at 4185.0, 4170.0, 4135.0 and stop-loss at 4260.0. 

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