NASDAQ 100 BEARISH AMID TECH SELLOFF, EARNINGS DISAPPOINTMENT
Nasdaq 100 is currently trading at 7322.34 lower by 0.7%.US Stocks were trading lower on Friday as a decline in chipmakers brought down the broader technology sector. The DJIA slipped 21 points as Intel fell 1%.
Applied Materials fell more than 8% after the company issued weaker–than-expected guidance for its fiscal fourth quarter. Nvidia fell 4.4 percent after its revenue forecast disappointed investors. Other major tech companies including Facebook, Amazon and Alphabet were also down.
Shares of Tesla tumbled 7.7 percent in early trading on Friday after a New York Times feature outlined some serious struggles for CEO Elon Musk. Elon Musk and members of Tesla’s board are set to meet with SEC officials as soon as next week, according to the report.
Meanwhile, U.S President Donald Trump has asked the U.S. Securities and Exchange Commission to study the impact of allowing companies to file reports with the financial regulator every six months instead of every quarter as per tweet on President’s account published early Friday.
On the technical front, the RSI is currently at 47% and suggests that the market can move in the downward direction. The %K has crossed the %D from above to the downside at 74.80% and suggests that the market can move in the downward direction. The current price is below MA20 .So, overall the market setup seems to be negative.
Trade Suggestion- Limit Sell At: 7370, Take Profit At: 7330 Stop Loss At: 7390