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April 10, 2023
Trading is currently halted for Good Friday but will resume today. Meanwhile, here is a recap of Thursday: with a daily low of 11,900, the Nasdaq closed Thursday at 12,100, after ending Wednesday at 12,000 and gaining 100 points (0.76%).
Nasdaq could be slowing down soon as it approaches resistance at 12,158. Of course, crossing it might suggest further gains are ahead. The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The Nasdaq's upper Bollinger Band® is at 12,280, this is a slight indication of a slowdown. In contrast, a "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term.
The Nasdaq is likely to reverse course and start pointing downward in the short term.
The Nasdaq shows positive signs, other assets are also on par: FTSE went up by 1.03% Thursday, and closed at 7,741.56. KOSPI Composite Index rises 0.87% Thursday and closed at 2,490.41. Notably, Nikkei rose 0.42% Thursday and closed at 27,518.
Elsewhere, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
The index has been trending positively for about 27 days. The Nasdaq hit a significant low of 10,200 around 3 months ago, but has since recovered 17.46%.
