Wall Street futures dip as rally momentum wavers.

FUNDAMENTAL OVERVIEW

In early trading, futures tied to significant U.S. stock indices indicated a minor pullback, following a strong rally that characterized Wall Street’s best week in 2023. Nasdaq futures also dipped slightly, suggesting a market that is deliberating on the durability of the recent rally.

The Nasdaq 100 futures dropped 35 points, or 0.3%.

The recent increases have interrupted a downward trend that was observed in October, supported by the Federal Reserve’s decision to hold off on interest rate hikes. Nonetheless, despite these favorable trading sessions, a sense of caution prevails, and analysts recommend the necessity of more substantial developments to firmly establish a bullish market.

Nevertheless, this assurance has begun to diminish following remarks by Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, on Monday, indicating that the U.S. central bank probably has additional measures to take to manage inflation.

NASDAQ 100 TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Nasdaq 100 is currently trading within an up channel.

Nasdaq 100 is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.

Immediate Resistance level: 15306.16

Immediate support level: 15100.74

HOW TO TRADE NASDAQ 100

The Nasdaq 100 initially experienced a substantial price increase, but it subsequently faced resistance and was met with a rejection, leading to a decline. However, the Nasdaq 100 later found support, resulting in a significant upward reversal and a display of strength in the uptrend. At this moment, the price is positioned at a pivotal resistance level, and if this barrier is breached, further upward movement becomes a possibility.

TRADE SUGGESTION- STOP BUY– 15431.82, TAKE PROFIT AT- 15719.59, SL AT- 15242.02.