Relevance up to 10:00 2022-03-09 UTC–5
Russia announced a temporary ceasefire to allow the departure of the civilian population of Ukraine. Wall street markets are recouping some of last week’s losses and weakening gold as a haven asset.
The Nasdaq-100 found support on the 4-hour chart around 13,600. According to the news coming from the conflict between Russia and Ukraine, it could allow the NDX to recover in the next few hours so that it can reach the SMA of 21 at 13,975.
The panorama, as can be seen, is extremely complex, and invites us to wait with opening positions until the main assets are somewhat more stable.
The short-term technical picture for the Nasdaq-100 remains bearish as it is below the 200 EMA and below the 21 SMA. A technical bounce in the coming days towards the 21 SMA or 200 EMA will be considered an opportunity to sell according to the dominant trend.
On Wednesday, the consumer price index data will be published. On an annual basis, the CPI is expected to rise to 6.4% from 6% seen in January.
The US inflation data could cause a strong volatile movement in the Nasdaq-100 and in other Wall Street indices, so we must be very careful. A favorable data could push the NDX lower towards the support level of 13,034, which is a price level of February 24.
At the opening of this week’s session, the Nasdaq-100 left a bearish GAP. It is likely that in the next few hours it can cover it and reach the 21 SMA around 13,975. Our trading plan is to buy at current price levels with targets at 13,900 and 14,450. The eagle indicator is giving a positive signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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