Chart of the day

Where do we stand fundamentally?

Nasdaq saw a mixed performance in early October 2024. On October 2, the tech-heavy Nasdaq Composite declined by 1.5%, closing at 17,910.36, as investors reacted to U.S. economic data from the Job Openings and Labor Turnover Survey (JOLTS) and rising geopolitical tensions, which drove up crude oil prices. Several technology and healthcare stocks were hit, contributing to the broader market decline.

NASDAQ is testing 19800 support ahead of the NFP report today. A bounce here and a break above 20100 resistance will lead to an extension in the third wave higher as the Index reverses from a lower base. Invalidation of this immediate upside extension could come upon a break below 19800.

An invalidation level of a third-wave long-term extension higher and a bullish cycle continuation is 18500. As said this extension higher could lead to a 21800 target in the medium-term to long-term if the NASDAQ breaks above 20100 with a confirmation.

_{Try a long trade entry with a stop loss below 19800 to target 20680 and higher.}