28 August Nasdaq Index Fundamental Outlook: Will the pair move lower?


Global stocks rose today after the Trump administration announced a new deal between the United States and Mexico. Meanwhile, how is the Nasdaq index now trading? Let’s out from the following 28 August Nasdaq Index Fundamental Outlook.

28 August, OctaFX – US stocks will open the markets higher as traders continue to be excited about the prospects of a trade deal. Yesterday, the Nasdaq reached the $8,000 level for the first time.

YTD, the tech-heavy index has gained by 19%. Some of the biggest gains in the index are Amazon, Netflix, Atlassian, and Google. The S&P and Dow also point to a higher open of 0.15% and 0.20% respectively.

28 August Nasdaq Index Fundamental Outlook

The Nasdaq index crossed the important record of $8,000. This was an almost $3000 gain from the day Donald Trump was elected president. The level is above all the moving averages. On the hourly chart below, the index has an RSI of 72, which is lower than the yesterday’s high of 86.

After crossing the $8,000 level, the pair is likely to move slightly lower as some bulls exit their trades. This will likely create good entry positions for bullish traders.

Disclaimer

This article about 28 August Nasdaq Index Fundamental Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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