Nasdaq 100 is below 29,000 support, extending its early-October downtrend. Failure to decisively reclaim 30,000 soon could accelerate losses. Watch 27,800 and 26,300 below. Short-term volatility may rise near the key November 3 timing window.
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WTI's daily chart still shows a broader uptrend, but $105 is key resistance. Failure there could pull prices back toward $99 support. A break below $99 could open further downside.
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Gold is holding $4,000, with $4,100-$4,150 resistance in view. Lower lows since late January keep the medium-term downtrend intact. A break below $4,000 could expose $3,800 and $3,670.
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SOX has held 10,600 for two straight sessions, but its downtrend remains intact. A break below could expose the 9,340 gap, while a sustained move above 11,600 is needed to reverse the trend. For now, treat gains as a rebound.
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Oil surging towards $117 a barrel, US megacap earnings and Australian inflation set up a pivotal week for markets. Mitrade’s Chris Brankin says investors should scrutinise whether AI spending is generating real returns, while a hotter CPI reading could strengthen the case for another RBA hike. His strategy: buy dips selectively and avoid catching a falling knife.
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Mitrade Weekly Calendar
Fed, ECB and BoJ rate decisions are in focus this week, alongside the UK Autumn Budget Statement and US durable goods orders. Watch the US dollar, euro, yen, pound and equities for potential market moves.
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Nvidia was rejected at its rising-channel top and gapped below $222 support. A break below $212 could confirm a medium-term downtrend, with channel support near $200 and the Apr. 7 gap near $178 in view.
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The SOX Index has fallen for eight sessions, with lower lows keeping the downtrend intact. Watch 10,400-10,700 support, the Gann 2/1 line from the April 7, 2025 low. A break could expose 10,000, then 8,700.
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