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June 26, 2023
After closing at 13,500 Friday, the Nasdaq opened today at 13,469, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, the Nasdaq retains a distinct 13,354 to 13,574 daily range.
While price action maintains a negative bias, United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Trend-focused traders would be interested to note that Nasdaq made an initial break below its 10 day Simple Moving Average at 13,467, a possible indication of a forthcoming negative trend. Following today's trading session, chart analysis suggests the Nasdaq pushed below the 13,433 support level and extended 29.94 points beyond it.
Overall, the technical outlook suggests the Nasdaq is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Hang Seng is down to 18,800, losing 100 points, after closing at 18,900 in the preceding trading session. ASX 200 slides down 0.29% to trade around 7,078.7.
Positive performances can be seen by looking at other markets as KOSPI Composite Index is up 0.47%.
In addition, United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Building Permits is expected tomorrow at 12:00 UTC. United States New Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
The index has been trending positively for about 3 months. 10 days ago the Nasdaq reached a significant high of 13,700 but has consequently lost 1.44% since then.
