NASDAQ painted a dovish picture after an attempt to conquer 16445 and extend its gains towards the yearly highs i.e 16679. But the Hurricane Ida struck the coast of Louisiana Sunday as a powerful Category 4 storm, 16 years to the day after deadly Hurricane Katrina devastated the southern US. More powerful, destructive, and deadlier storms will be the "new normal" as the effects of climate change take root, the top US emergency management official said Sunday after massive tornadoes ravaged six states. This caused economic turmoils in bonus to the exceeding cases of the new Covid-19 variant, Omicron, depring the American stock market of its yearly gains. Financial shares climbed 0.8% on Tuesday. Meanwhile, top gainers in the sector included CNFinance Holdings Limited CNF +7.42% (Get Free Alerts for CNF), up 10% and CNFinance Holdings Limited KPLT +4.32% (Get Free Alerts for KPLT) up 7%. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

From the technial point of view, NASDAQ needs to recover above the exponential moving average 50 in the daily time frame; this will also add enough bullish momentum to the indice for further gains. Four hourly time frame is also playing the role of providing resistances in shape of exponential moving average 50 and 200, along with 23.6% fibo retracement level maintaing itself at 16269. So for the bullish continuation of trend NASDAQ needs to break above all the aforementioned while taking a jump above 16445. On the bearish side, we are looking at an impulsive breakout below the 61.8% fibo retracement level and the 15444 support zone. From the current market perspective, we are expecting NASDAQ to extend its losses towards 61.8% fibo, but would it be able to break it ? we will have to wait and see in order to find out. 

NASDAQ Has Room For Further Losses

Dec 15 2021

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