Futures on major US stock indexes were under pressure on Tuesday, April 14 after data on retail sales were worse than expected. Indicator presents surprises for the fourth consecutive month. The growth rate of the main indicator in March was 0.9% compared with the previous month, with a median forecast of + 1.1% and its core + 0.4% vs. 0.7%.
However, retail sales are considered to be quite volatile indicator, and therefore can hardly be cause for a substantial revision of the fundamental picture of the world’s largest economy. Moreover, a slowdown in economic activity may be a reason for the Fed not to rush to raise interest rates. Futures on the NASDAQ-100 (NQ) are ready to test the strength of support in the 200-hour moving average, which may be of interest to search for long positions.
|Nasdaq 100 chart|
Support and resistance levels
Support 1 4355
Support 2 4326
Current price: 4371
Resistance 1 4400
Resistance 2 4440
NASDAQ-100 (NQ) – buy NQ – Buy, if the quotes will move up after testing support for 4355. The goal – 4435. Stop-Loss = 432
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.