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May 29, 2023US equity indices are closed for the Memorial Day holiday and resume tomorrow. Meanwhile, here is a recap of Friday: after finishing Thursday at 12,700, the Nasdaq went up to 13,000 before paring its losses and closing at 12,976.
Nasdaq is 99.47 points away from testing key resistance at 13,075. Peaking above this level could inspire market bulls and open the path to further gains. 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 12,931, 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.
Other markets are also showing gains as ASX 200 is trading around 7,217.4 after ending Friday's session at 7,154.8 (up 0.87% today). S&P 500 climbs 1.3% Friday and closed at 4,151.28. Dow Jones moves up 1% Friday and closed at 32,765.
Also worthy of note, United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available tomorrow at 14:00 UTC.
The index has been trending positively for about 2 months. The Nasdaq has gained 25.61% since its lowest print of 10,200 earlier this year.
