Nasdaq Could Break Lower

The equities market shows another round of exhaustion as prices seem unable to appreciate any further. Over the recent days, positive Earnings data had been presented, yet what previously helped to boost markets is now showing signs of exhaustion. Especially the US, tech shares continue retracing lower.

When it comes to the US markets, we see more downside potential, which is why we sold the NAS100 (NASDAQ) at 10447 with SL at 11075 and TP at 9665. The support has been broken and generally, we see a rush towards safe-haven assets. What is more, we observe that risky assets are being sold across classes like Oil and the AUD which have performed well in recent weeks of trading. For now, the demand for Gold and the Swissy is still showing momentum and this risk-aversion trend is poised to be a rather long term one.

Frank Walbaum

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