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April 27, 2023
Today at a glance: after finishing yesterday at 11,854, the Nasdaq went up to 12,154 before paring its losses and closing at 12,142.
United States's Pending Home Sales new data released of -5.2% below its previous figure.
This move comes while some more positive signs for the Nasdaq are out as United States Initial Jobless Claims beat the 248,000 projections, with 230,000.
On the flip side, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1.
Nasdaq made an initial breakout above its 10 day Simple Moving Average at 12,059, a potential indicator of a newly emerging bullish phase. On the other hand, note that the Nasdaq price action is currently oscillating around the 12,020 resistance level with prices moving above and below several times during the session.
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 1.96% and closed around 4,056 today. Dow Jones went up by 1.57% today, and closed at 33,826. KOSPI Composite Index goes up 0.44% today and closed at 2,484.83.
Also worthy of note, United States Core PCE Price Index (MoM) (Mar) scheduled to come out tomorrow at 12:30 UTC.
The index has been trending positively for about a month. The Nasdaq hit a significant low of 10,200 around 3 months ago, but has since recovered 16.07%.
