Stock market shrugs off trade war fears, but will it go higher?

March 8, 2018 11:26 AM

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Nasdaq Relatively Stronger

The technology Nasdaq 100 futures contract is relatively stronger, as it extends its yesterday's move up. The market trades above the level of 6,940. Potential resistance level is at around 6,970-7,000, marked by some previous fluctuations. On the other hand, level of support is at 6,900, among others. The market retraced more of its recent rally last week. A rally that retraced most of its severe late January - early February decline. Then it bounced off Friday's local low, and retraced some of its last week's decline. Will it continue towards recent local highs above 7,000 mark? Tech stocks remain relatively stronger than the broad stock market recently. The Nasdaq futures contract is breaking above its recent local high:

Amazon Hits New Record High While Apple Falters

Let's take a look at Apple, Inc. stock (AAPL) daily chart (chart courtesy of http://stockcharts.com). It was one of February stock market rout's main drivers. Then it led broad stock market rebound rally. It fell close to support level of $150 on February 9. Since then it was retracing its early February losses. The market reached new record high a week ago, as it was trading above $180 mark again. Then it reversed its advance. On Friday it continued lower but then it bounced off support level of $172.50 again. The price continues to trade within a short-term consolidation:

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