NDXUSD

The NASDAQ100 Index is experiencing profit-taking at new high levels due to recoveries in 10-year bond yields from the US and declines in the raw materials and industrial sectors. While a positive divergence is observed with expectations of supportive steps for the economy in China, Asian indices outside China display a negative outlook ahead of employment data expected from the US. In the US, weak employment data was recorded in October, believed to be due to temporary factors. The increase in average hourly earnings is thought to support an inflationary environment, and an increase in the unemployment rate is anticipated.

Technically, the NASDAQ100 is trading in the 21,300 – 21,400 range supported by the 21-period exponential moving average at the 21,370 level on the 4-hour chart. As long as retracements in this range remain limited, the positive trend may continue. In upward movements, resistance levels at 21,500 and 21,600 should be monitored. The RSI indicator is at 56, displaying a positive trend. The index has shown a 0.15% increase during the day. Negative expectations could become effective with 4-hour closures below 21,300, bringing 21,250 and 21,200 support levels into focus.