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June 05, 2023Tentatively higher from an earlier low of 13,236, the Nasdaq is up to 13,300 today, adding 59.23 points, or 0.39%, to Friday's closing price of 13,241.
- The Nasdaq is currently trading at 13,300 following the release of ISM Non-Manufacturing PMI (May) data from the United States.
- Today's session seems to be pointing upwards and is building on the Nasdaq's 6 days of gains (+756.6 points).
United States ISM Non-Manufacturing PMI (May) released today at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1.
Nasdaq price action is currently oscillating around the 13,300 resistance level with prices moving above and below several times during the session. The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger Band® analysis indicates that current price action is approaching the upper band at 13,338, thereby suggesting that the Nasdaq is becoming overvalued.
Technical analysis of the Nasdaq price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
Nikkei leaps up 2.2% to trade around 32,217. ASX 200 is up 1%. CAC is down to 7,206.75, losing 63.94 points, after closing at 7,270.69 in the preceding trading session.
The index has been trending positively for about 2 months. Having set a significant low of 10,200 5 months ago, the Nasdaq is trading 29.64% higher.
