Are U.S. equities in a sluggish temper after seeing downbeat retail gross sales knowledge?

This inventory index seems to be retreating from the ceiling seen on the 4-hour time-frame.

How low can it go from right here?

Nasdaq 100 (NAS100) 4-hour Chart by TradingView

Simply when it appeared just like the Nasdaq was able to bust via the ceiling close to $11,750, bears took over and spurred a selloff!

Technical indicators are additionally hinting that extra losses are within the playing cards.

The 100 SMA continues to be beneath the 200 SMA to point out that the trail of least resistance is to the draw back whereas Stochastic is heading south.

With that, the inventory index may stoop all the best way right down to the subsequent key assist zone round $10,700.

Simply take notice that the oscillator is approaching oversold ranges to replicate exhaustion amongst sellers quickly, so turning larger would imply a return in bullish strain.

If that’s the case, the index may try one other break above the world of curiosity and make its method as much as the subsequent highs at $12,250.

Downbeat U.S. client spending knowledge appears to have soured the temper for U.S. buyers, as each headline and core retail gross sales figures printed 1.1% declines.

Discuss reviving recession fears!

In any case, be sure you hold tabs on headlines affecting general market sentiment, as these may decide if U.S. equities may spend one other day within the pink.

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