Risk-on mood pushes the Nasdaq 1.97% higher

Friday at a glance: with a daily low of 11,500, the Nasdaq closed Friday at 11,700, after ending Thursday at 11,463 and gaining 237 points (1.97%).

Nasdaq made an initial breakout above its 10 day Simple Moving Average at 11,539, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 11,600 currently serving as resistance. If broken, the next Fib hurdle is expected to be 11,700. On the other hand, note that the Nasdaq could be slowing down soon as it approaches resistance at 11,754. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems the Nasdaq might continue pointing upwards in the short term.

The Nasdaq shows positive signs, other assets are also on par: S&P 500 added 1.61% and closed around 3,981.35 Friday. Nikkei ascends 1.56% Friday and closed at 27,500. DAX is trading around 15,578 after ending Friday's session at 15,328 (up 1.64% today).

The index has been trending lower for about 29 days. This year has been a bright one for the Nasdaq after trading as low as 10,200 and going on to appreciate by 12.81% year to date.