Overview and Dynamics
Starting Friday, after Federal Reserve Chairman Janet Yellen reiterated that the increase in interest rates in the US are still possible before the end of the year, the US dollar strengthened in the market.
On Monday, with the opening of the trading day the dollar strengthening is accompanied by a decrease in prices of commodities, oil and gold.
Asian stock indices closed the trading session with a decrease. US indices also continued to substantially decrease. The dollar also had a message US Department of Commerce that in the 2nd quarter the US economy grew by 3.9%, not 3.7% as previously thought.
Important market participants this week will focus on data NFPR in the US in September. If the forecast (increase of 30 000 new jobs) justified, the US dollar may get a positive impulse up to the Fed meeting on October 28, which is expected some market participants, the Federal Reserve will have to raise interest rates.
Indicators and levels
Index Nasdaq Composite, opened today with a gap remains in negative territory below 4240.0 (38.2% Fibonacci level of the correction to the sharp fall in mid-July).
The breakdown of the triangle, which moved the price until September 17, it seems, has taken place. The decrease occurs in the channel and is supported by the testimony of indicators OsMA and Stochastic on the 4-hour and daily charts, which switched to short positions.
The immediate objectives may be levels of 4085.0 (EMA200 monthly chart), 4010.0. Further dynamics will depend on the indicators and on the factors of a fundamental nature (the dynamics of world stock indices, the Fed's decision on interest rates, oil prices).
From a technical point of view, the increase in the index limits the levels of 4320.0 (50% Fibonacci level), 4360.0 (EMA200 on the daily chart), 4405.0 (61.8% Fibonacci level).
From a fundamental point of view, the index of expectations of pushing US interest rates, the continuing decline in the Chinese stock market.
Support levels: 4135.0
Resistance Levels: 4185.0, 4170.0, 4240.0, 4320.0, 4360.0
Sell Stop 4120.0. Stop 4210.0. Goals 4085.0, 4010.0