On Wednesday the NASDAQ100 index was trading down amid disappointing quarterly earnings reports from US companies. In particular, Apple shares fell 2.3% after the company reported the third consecutive decline driven mainly by a slowdown in flagship smartphone sales.
US stock indexes were also pressured by relatively strong macroeconomic statistics. Sales of newly built homes rose 3.1% in September after an 8.6% fall in August. The indicator approached its 9-year high again, which was reached in July this year.
Support and resistance
Bollinger Bands on the daily chart is directed horizontally while the price range is narrowing. MACD is falling and has formed a sell signal. Stochastic is also moving down.
The indicators recommend short positions.
Support levels: 4843.4 (26 October low), 4836.0, 4822.7, 4815.4, 4802.2 (20 October low), 4783.4 (17 October low), 4758.8 (13 October low).
Resistance levels: 4850.2, 4859.8 (18 October high), 4878.6, 4895.0, 4904.5 (10 October high), 4922.7 (25 October high).
Trading tips
Long positions can be opened after the breakout of the level of 4872.0 (with the appropriate indicators signals) with the target at 4895.0 and stop-loss at 4850.0. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 4850.2 or 4843.4 with targets at 4815.4, 4802.2 and stop-loss at 4860.0. Validity – 2-3 days.
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