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March 13, 2023
A quick look at Friday: the Nasdaq slid into the red after losing 199.47 points and ending the session at 11,139.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The iShares U.S. Treasury Bond ETF has gone up 1.41% to trade at $23.05, thereby indicating that government bond yields were downbeat across the yield curve.
Despite being in the red so far in the current trading session, Nasdaq peaked above its 50 day Simple Moving Average around 11,327 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at 11,080, a low enough level to, generally, suggest that the Nasdaq is trading below its fair value. The Nasdaq could begin to recover as it approaches significant support, now 108.32 points away from 11,031. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that the Nasdaq's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Hang Seng falls 3.04% Friday and closed at 19,926. FTSE lost 1.67% Friday and closed at 7,880. S&P 500 is down to 3,861.59, losing 56.73 points, after ending the previous session around 3,918.32.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The index has been trending lower for about a month. After hitting an important low of 10,200 approximately 2 months ago, the Nasdaq has bounced back 11% since.
