USNAS100 1W Wall Street's main indexe
Despite the heat and humidity—and the resumption of Federal Reserve rate hikes—the bull market kept running in August and now stabilized in September. At this point in the cycle, it’s entirely possible that the stock market could notch a new all-time high in the month of October.
Sept 28- Wall Street's main indexes ended higher on Thursday as investors assessed the latest batch of economic data and as a surge in Treasury yields stalled ahead of a key inflation report.
Investors were also watching developments in Washington to see whether U.S. lawmakers could avert a government shutdown.
The recent move in Treasury yields to 16-year highs has loomed over the stock market, which has pulled back after the Federal Reserve last week signaled a hawkish long-term outlook for interest rates.
The benchmark 10-year Treasury yield pausing at around 4.6% was bringing "relief," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Co.
"Markets in general the last few days have been really, really choppy," Stucky said.
"A little bit of a counter-trend rally is to be expected after three or four pretty sharply negative days.”
The price actions of the US Nas 100 Index (a proxy for the Nasdaq 100 futures) have indeed shaped the expected decline and broke below the short-term support of 14,750. Thereafter, it continued to tumble and printed an intraday low of 14,445 on Wednesday, 29 September.
The Index has now recorded a September month-to-date decline of -4.92% at this time of the writing which is on track for the worst monthly performance since December 2022.
In the lens of technical analysis, price actions do not move in a vertical direction as there tend to be several episodes of counter-trend/mean reversion oscillations that go against a longer-term trending phase due to potential profit-taking activities, and reassessment of the current situation by market participants as key time periods approach such as month-end and quarterly-end closings (today is month-end as well as third quarter-end).
Since 19 July 2023, the decline seen in the US Nas 100 Index has moved in an indirect lock-step movement with the longer-term 10-year US Treasury yield where the yield rallied to a 16-year high to print an intraday high of 4.69% yesterday, 28 September.
LONG TERM
14690 is a strong support line that touched this line and bounced up, so the closing weekly candle at this area will support bullish till the peak is about 16380
take a look at our previous chart:
https://www.tradingview.com/chart/NAS100USD/8G8M0o9s-Markets-may-have-other-plans-NASDAQ/
Sept 28- Wall Street's main indexes ended higher on Thursday as investors assessed the latest batch of economic data and as a surge in Treasury yields stalled ahead of a key inflation report.
Investors were also watching developments in Washington to see whether U.S. lawmakers could avert a government shutdown.
The recent move in Treasury yields to 16-year highs has loomed over the stock market, which has pulled back after the Federal Reserve last week signaled a hawkish long-term outlook for interest rates.
The benchmark 10-year Treasury yield pausing at around 4.6% was bringing "relief," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Co.
"Markets in general the last few days have been really, really choppy," Stucky said.
"A little bit of a counter-trend rally is to be expected after three or four pretty sharply negative days.”
The price actions of the US Nas 100 Index (a proxy for the Nasdaq 100 futures) have indeed shaped the expected decline and broke below the short-term support of 14,750. Thereafter, it continued to tumble and printed an intraday low of 14,445 on Wednesday, 29 September.
The Index has now recorded a September month-to-date decline of -4.92% at this time of the writing which is on track for the worst monthly performance since December 2022.
In the lens of technical analysis, price actions do not move in a vertical direction as there tend to be several episodes of counter-trend/mean reversion oscillations that go against a longer-term trending phase due to potential profit-taking activities, and reassessment of the current situation by market participants as key time periods approach such as month-end and quarterly-end closings (today is month-end as well as third quarter-end).
Since 19 July 2023, the decline seen in the US Nas 100 Index has moved in an indirect lock-step movement with the longer-term 10-year US Treasury yield where the yield rallied to a 16-year high to print an intraday high of 4.69% yesterday, 28 September.
LONG TERM
14690 is a strong support line that touched this line and bounced up, so the closing weekly candle at this area will support bullish till the peak is about 16380
take a look at our previous chart:
https://www.tradingview.com/chart/NAS100USD/8G8M0o9s-Markets-may-have-other-plans-NASDAQ/
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Urgent News ⚡️:
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