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April 24, 2023
Stable at 12,072 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — the Nasdaq was steady Friday maintaining a 12,000 – 12,100 range before closing at 12,072.
Nasdaq is approaching key support, around 65.32 points away from 12,000. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The Nasdaq made an initial breakout above its 10 day Simple Moving Average at 12,079, a potential indicator of a newly emerging bullish phase.
Despite muted price action in the Nasdaq, chart analysis indicates it is positioned for a bullish run in the short term.
While the Nasdaq was pretty flat Friday, mixed performances were seen elsewhere as KOSPI Composite Index lost 0.82% Friday and closed at 2,544.4. Hang Seng draws back 0.58% Friday and closed at 20,076.
Data to be released today might clear up some of the market fog as United States Building Permits will be released tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC. Tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
The index has been trending positively for about a month. The Nasdaq is now trading 18.08% above the significant low (10,200) it slumped to 3 months ago.
