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O’Hare: Nasdaq hits new lows
The NASDAQ closed on Monday at its lowest recorded level since July. A bearish trend was signaled for Steve O’Hare from First 4 Trading once a key support level at 4,050 points was broken.
Investors pulled capital out of the markets for two reasons during the aggressive sell-off after the market opened on Monday. First, the Federal Reserve could reveal a timeline for expected rate hikes on Wednesday creating a sense of caution in the markets. Second, investors have begun raising capital to prepare for Alibaba’s IPO with its final share price to be set on September 18th.
With the intraday and daily charts signaling a bearish trend, Steve is looking to set shorts in the day around 4,032 points. His two targets for the trade are 4,000 point s and 3,820 points. A stop can be placed above 4,060 points.
00:52 minutes
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