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May 26, 2023Yesterday at a glance: after finishing Wednesday at 12,500, the Nasdaq went up to 12,737 before paring its losses and closing at 12,700.
Uptick comes while some more positive signs for the Nasdaq are out as United States GDP released yesterday at 12:30 UTC is better than expected at 1.3 but down from preceding data of 2.6 according to new data. United States Initial Jobless Claims beat the 250,000 projections, with 229,000.
On the flip side, United States Pending Home Sales fell short of the 0.5% projections, with new data of 0%.
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 12,751, this is a slight indication of a slowdown.
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: S&P 500 went up by 0.88% yesterday, and closed at 4,151.28.
At the same time, Hang Seng is down to 18,747, losing 353.08 points, after ending the previous session around 19,100. FTSE slumps 0.74% yesterday and closed at 7,627.
Furthermore, the market is looking at today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Apr) scheduled to come out today at 12:30 UTC.
The index has been trending positively for about 2 months. The Nasdaq is up 22.23% from the significant low of 10,200 it hit 4 months ago.
