Nasdaq Composite Technical Analysis ...Middle East

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Nasdaq Composite Technical Analysis
The Nasdaq Composite continues to climb as the market is starting to look past the war between Israel and Hamas. The geopolitical risk has always been around a bigger escalation with Iran, but it looks like the war will remain confined to the Levant. On the domestic side, the US Consumer Confidence yesterday fell again although it beat expectations, and the Employment Cost Index showed that wage growth picked up in Q3 although the market might see it as old news given the recent softening in the labour market data. Overall, the data is not supportive for a sustained rally, so the buyers should be careful. Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see tha

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