Could Nasdaq Index Continue Downward Momentum?


On Friday, the index started falling as traders waited for a decision on tariffs. Today, could Nasdaq index continue downward momentum? Read on and find out.

10 September, OctaFX – With regards to trading, the public hearings session on the proposed $267 billion worth of Chinese tariffs ended last week. On Friday, Trump indicated that the tariffs will go on, which led to a lengthy letter by Apple, decrying the proposed tariffs.

The company said that the tariffs will be a tax to consumers, who will be forced to pay higher prices. There are indications that China will implement non-tariff-based retaliations such as halting the purchases of US treasuries.

Could Nasdaq Index Continue Downward Momentum?

Last week, the Nasdaq index reached an all-time high of $7688 and established a strong top position as shown below. On Friday, the index started falling as traders waited for a decision on tariffs. It ended the week at the $7325 level.

The longer-term EMA (100) crossed the shorter-term EMA (50), which is a sign that the downward momentum could continue. Today, the index is likely to hit the important support of $7340 as the trade rhetoric escalates.

Disclaimer

This article about Could Nasdaq Index Continue Downward Momentum? 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.

Share Your Opinion, Write a Comment