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June 12, 2023
The Nasdaq went up to 13,363 only to drop back some of the way and is now trading at 13,355.
At the same time, United States 3-Year Note Auction released today at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.
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 RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the Nasdaq's case, the index has risen above 70, signalling that the asset is overbought. The Nasdaq's upper Bollinger Band® is at 13,600, this is a slight indication of a slowdown. In contrast, the Nasdaq broke through the 13,354 resistance and climbed above it 1.24 points; next resistance level is at 13,448.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the Nasdaq is set for a reversal in the coming days.
The Nasdaq shows positive signs, other assets are also on par: having closed the previous session at 15,950, DAX is up 0.93% today to currently trade at around 16,100. ASX 200 added 0.32% to its value, now trading at 7,122.5. CAC is up 0.52%.
Also worthy of note, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
The index has been trending positively for about 3 months. The Nasdaq now trading 19.03% above its 3-month low of 10,200.
