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June 09, 2023
Yesterday at a glance: with a daily low of 13,100, the Nasdaq closed yesterday at 13,239, after ending Wednesday at 13,100 and gaining 138.52 points (1.02%).
On the flip side, following a previous reading of 233,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Nasdaq's upper Bollinger Band® is at 13,527, this is a slight indication of a slowdown. The Nasdaq could be slowing down soon; it is getting close to the resistance line and is now at 13,300, only 52.5 points away. Crossing the resistance line could, however, suggest that further gains are ahead. On the other hand, note that the Nasdaq made an initial breakout above its 5 day Simple Moving Average at 13,200, a potential indicator of a newly emerging bullish phase.
Technical analysis of the Nasdaq price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as notably, Nikkei rose 1.61% yesterday and closed at 31,641. KOSPI Composite Index added 0.97% and closed around 2,611 yesterday. ASX 200 went up by 0.42% yesterday, and closed at 7,129.2.
The index has been trending positively for about 2 months. 3 days ago the Nasdaq reached a significant high of 13,276 but has consequently lost 1.29% since then.
