| 
March 09, 2023
After closing at 11,530 the day before, the Nasdaq maintained a strong bullish bias that helped the index close higher at 11,576 yesterday. However, market bears ensured the the Nasdaq topped out at 11,600 and that by the end of the session, the market had marked out a distinct 11,500 to 11,600 range.
- United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
- Yesterday's gains added to the Nasdaq's 6 days uptrend, during which it increased a total of 150.85 points.
Earlier data releases related to the Nasdaq – Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million.
Technical analysis of the Nasdaq before macro data is released:
Nasdaq is currently trading around the 11,600 Fibonacci resistance level. The Nasdaq's lower Bollinger Band® is at 11,260, indicating that the market is oversold and fertile for new buyers. Despite this, the Nasdaq could be slowing down soon as it approaches resistance at 11,622. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, the Nasdaq slid below its 10 day Simple Moving Average at 11,500 during the last session — an early indicator that a negative trend could be emerging.
Overall, looking at the technical analysis landscape, it seems the Nasdaq likely to continue pointing upward in the short term.
Coming up for the Nasdaq — United States Non Farm Payrolls projected to come out at 205,000 — worse than previous data of 517,000; data will be released tomorrow at 13:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 190,000; data will be released today at 13:30 UTC.
As the markets get ready for more data to be released — after ending yesterday's session at 7,930, FTSE lost 52.8 points and is trading around 7,877.2. Nikkei went up by 0.63% yesterday, and closed at 28,623. KOSPI Composite Index is down to 2,419, losing 13 points, after ending the previous session around 2,432.
The index has been trending lower for about a month. The Nasdaq hit a significant low of 10,200 around 2 months ago, but has since recovered 12.9%.
