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20 August 2024,01:54
Trade Of The Day
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20 August 2024, 01:54
*Equity Market Resilience Supported by Dropping Yields: The US equity market continues to show strength, with numerous analysts maintaining a positive outlook. Bank of America analysts highlight that US equities are well-positioned to maintain their upward trend, assuming economic growth remains stable. The potential for Fed rate cuts, alongside stabilized and decelerating inflation, further bolsters the equity market. Additionally, the ongoing expansion of artificial intelligence (AI) provides additional bullish momentum, particularly in technology-focused sectors.
* Technical Breakout: The Nasdaq index has successfully surpassed a significant previous resistance level, continuing its upward trajectory. The index is now approaching the key psychological barrier at 20,000. A successful breakthrough at this level could signal ongoing bullish momentum, potentially leading to a double top formation and testing the next resistance level at 20,705.00.
* Resistance and Support: Investors should closely monitor the 20,000 resistance level. A decisive break above this level could pave the way for further gains in the Nasdaq. Conversely, failure to break through may result in a technical correction, with a possible short-term retracement to the support level at 19,035.65.
Escalating geopolitical tensions may dampen the appeal of the equity market.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay vigilant on developments in the Middle East and any potential announcements from the Fed regarding rate cuts to inform future trading strategies financial news page.
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