NQ: general analysis

Current trend

NQ continues to trade within an uptrend. Key resistance and support levels are 7781.6 and 7504.1, respectively. The optimism in the markets was caused by reports that Washington postponed the increase in duties on Chinese goods until December. The US government has removed items related to electronics and healthcare from the list. Thus, protectionist policies will include meat and dairy products, as well as nuts, alcohol and clothing. Against this background, shares of companies such as Apple, Intel and Micron significantly increased. Some experts attribute this decision of the US government to rising consumer prices: last month inflation reached 1.8% YoY against 1.6% YoY in Juni. If the indicator reaches 2%, the Fed will not be able to continue the cycle of easing monetary policy.

Today, an import price index will be published, as well as statistics on changes in oil reserves according to the Ministry of Energy.

Support and resistance

Stochastic is around 61 points and does not give signals for opening positions.

Resistance levels: 7781.6, 8043.0.

Support levels: 7504.1, 7392.5.

Trading tips

Long positions can be opened from the current level with the target at 8043.0 and stop loss of 7504.1.

Scenario

  • Timeframe

    Intraday

  • Recommendation

    BUY

  • Entry Point

    7666.1

  • Take Profit

    8043.0

  • Stop Loss

    7504.1

  • Key Levels

    7392.5, 7504.1, 7781.6, 8043.0