Choose your trading platfom

Will the Nasdaq bounce back?

Facebook parent Meta plunged 26% on the weak fourth-quarter performance, dragging Nasdaq down by 3.7% overnight. However, Amazon shares jumped by 15% after hours on strong earnings. The US indices cut losses in the futures markets.

The Nasdaq shows its very resilient move in the futures market, the candlestick has a long wick and short body that looks like a morning start. If tonight it can push up to above the Bollinger Band middle line/200-day MA, the index could continue its rebounding momentum in the second upward wave. The intraday support is still at yesterday’s low at 14,500, and the resistance is at the 200-day moving average at 15,000, the next resistance will be at the 50.0% retracement of the Fibonacci, 15,600.

Gold fell below the ascending channel on 27 January, facing downward pressure since. The potential intraday support is by the 20-day MA at 1,817, and the potential support is still at the last Friday’s low at 1,780.

Eurodollar popped on ECB president Christine Lagarde’s comments on inflation, with EUR/USD now consolidating above the 100-day MA. The imminent resistance will be at the 50% fib retracement, and if it can break up, the next potential target will be at the 200-day MA near 1.1680.

Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.