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April 13, 2023
Today at a glance: after finishing yesterday at 11,929, the Nasdaq went up to 12,179 before paring its losses and closing at 12,166.
The Nasdaq upside coincides with further encouraging market factors as United States Crude Oil Inventories beat the -583,000 projections, with 597,000.
On the flip side, United States Producer Price Index published today at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. Initial Jobless Claims in United States fell short of market expectations (232,000) with a reading of 239,000, continuing the decline from the previous figure of 228,000.
Nasdaq's upper Bollinger Band® is at 12,400, this is a slight indication of a slowdown. Despite this, the Nasdaq made an initial breakout above its 5 day Simple Moving Average at 12,026, a potential indicator of a newly emerging bullish phase. The Nasdaq broke through the 12,070 resistance and climbed above it 95.89 points; next resistance level is at 12,200.
Technical analysis of the Nasdaq price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
The Nasdaq shows positive signs, other assets are also on par: Dow Jones went up by 1.14% today, and closed at 34,030. S&P 500 went up by 1.33% today, and closed at 4,146.22. CAC climbs 1.13% today and closed at 7,397.
Also worthy of note, United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Retail Sales is expected tomorrow at 12:30 UTC.
The index has been trending positively for about a month. The Nasdaq is now trading 16.8% above the significant low (10,200) it slumped to 3 months ago.
