NASDAQ 100 BEARISH STILL AFTER PMI DATA
Nasdaq 100 is currently at 8088.49 – lower by 0.25% compared to the last close. Stocks fell on Tuesday as trade tensions between the U.S. and key partners increased, offsetting strong economic data, to start off the one of the toughest parts of the year for equity investors
On the economic front, the ISM U.S. manufacturing PMI rose to 61.3 in August from 58.1 in July. Economists polled by Reuters expected the index to fall to 57.7.In addition, Manufacturing PMI for the month of August came in at 54.7 above the expectations of 54.5. The previous reading of the PMI was 54.5.
Amazon.com Inc. on Tuesday became the second U.S. Company to reach $1 trillion in stock market value, just weeks after Apple Inc. hit the same milestone on Aug. 2. Facebook Inc. slumped on an analyst downgrade.
On the technical front, the RSI is currently at 68.09% and suggests that the market can move in the downward direction. The current price is below the MA5.The current price is below the middle line of Bollinger bands and is heading downwards. So, overall the market setup seems to be negative.
Trade Suggestion-Limit Sell At: 7650, Take Profit At: 7625 Stop Loss At: 7663