Chart of the Day USTec (Nasdaq)

<h2><span>Chart of the Day USTEC (Nasdaq)</span></h2>
<p><span>USTEC (Nasdaq)  – Probable Price Paths</span></p>
<p><span>The Great Lockdown Recession as the IMF titled it will see the global economy contract by 3% this year, led by the US (-5.9%) and Europe (-7.5%) while India (1.9%) and China (1.2%) brought up the rear. US equities still remained buoyant overnight as seven state governors formed a working group to plan for an easing of the lockdown and ahead of Kudlow’s suggestion of some “important announcements” by president Trump on reopening the US economy. </span></p>
<p><span>The S&amp;P500 added 3.1% to a 1-month high, with J&amp;J reporting stronger sales and higher quarterly dividends even though bank earnings from JPMorgan and Wells Fargo reported a surge in loan-loss provisions to the highest since the GFC. UST bonds gained overnight with the 10-year bond yield at 0.75%, whereas oil prices tanked again, which suggested that risk appetite was still wavering. Meanwhile, the Fed kicked off its CP purchase facility, while elsewhere, India extended its lockdown for another 19 days and BI opted to keep its policy rate unchanged at 4.5% but cut its RRR instead by 200bps (50bps for Islamic banks).</span></p>
<p><span>More cautious market sentiment prevailed in Asia, with mixed equity markets ahead of further US earnings announcements later today. China’s central bank cut interest rates and added liquidity into the financial system. President Trump said he will share new guidelines in the coming days for states to reopen their economies. In Europe, the number of new cases continued to fall or trend lower, as some countries gradually reopen their economy or move closer to doing so. Chancellor Merkel is set to discuss easing restrictions with German state premiers today</span></p>
<p><img class="aligncenter size-full wp-image-41805" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20.png" alt="" width="2079" height="1222" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20.png 2079w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20-300×176.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20-1024×602.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20-768×451.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20-1536×903.png 1536w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-15-10.27.20-2048×1204.png 2048w" sizes="(max-width: 2079px) 100vw, 2079px" /></p>
<p><span>From a technical and trading perspective, the Nasdaq is testing the first pivotal decision point post the rally from the March low as price probes the equality objective at 8720 we have see an initial profit taking move and must now watch for a lose below the near term volume weighted average price at 8320, this would flip the daily chart bearish and suggest at a minimum we will likely retest the 8000 level a failure to find bids here would be a bearish development and set a downside equality objective at 5620. If buyer do emerge at or above 8000 then we cans another leg higher targeting 9100 as the next upside objective </span></p>
<p><b><i>Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.</i></b></p>
<p><b><i>High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money</i></b><span>.</span></p>
<p>The post <a rel="nofollow" href="https://blog.tickmill.com/trading-strategies/chart-day-ustec-nasdaq/">Chart of the Day USTec (Nasdaq)</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>