NQ: general analysis
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.
Long positions can be opened from the current level with the target at 8043.0 and stop loss of 7504.1.
7392.5, 7504.1, 7781.6, 8043.0