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June 23, 2023Yesterday at a glance: the Nasdaq went up to 13,631 yesterday, gaining 0.95%.
United States Services PMI is next today at 13:45 UTC.
On the flip side, United States Crude Oil Inventories fell short of the 1.87 million projections, with new data of -3.83 million. United States Initial Jobless Claims came out at 264,000, marking no change from preceding figure.
Meanwhile, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Nasdaq could be slowing down soon; it is getting close to the resistance line and is now at 13,700, only 63.85 points away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at 13,925, thereby suggesting that the Nasdaq is becoming overvalued. Despite this, the Nasdaq made an initial breakout above its 5 day Simple Moving Average at 13,600, 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.
Meanwhile, after ending yesterday's session at 7,195.5, ASX 200 lost 98.5 points and is trading around 7,097. After ending yesterday's session at 19,218, Hang Seng lost 351.5 points and is trading around 18,867. Nikkei lost 1.45% yesterday and closed at 33,265.
Also worthy of note, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
The index has been trending positively for about 3 months. Approximately 7 days ago, the Nasdaq reached a significant high of 13,700 but has struggled to hold onto its gains and declined 1.37% since then.
