Nasdaq (US100) Chart Technical Outlook might extend gains to 15,630 and 15,930 if US CPI eases
Wall Street closed mixed on Monday with risk appetite subdued as the market awaits the release of October’s CPI data, later today, to assess the odds for another Fed rate hike in the coming months.
Consumer inflation is expected to have eased to 3.3% from 3.7% in the previous month although the core CPI will remain steady at 4.1%. An unexpected decline in the core CPI would boost appetite for equities.
Technical indicators show the index trending higher. Price action broke above the last three month’s bearish channel. The measured target is now beyond 15,630, at the July’s peak, 15,930.
Supports are at the reverse trendline 15,135 and 14,830.