The Nasdaq closed Friday at 12,227, after four straight days of gains

A quick look at Friday: with a daily low of 12,083, the Nasdaq closed Friday at 12,227, after ending Thursday at 12,142 and gaining 84.38 points (0.69%).

United States ISM Manufacturing PMI (Apr) is next today at 14:00 UTC.

Nasdaq could be slowing down soon; it is getting close to the resistance line and is now at 12,275, only 48.76 points away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at 12,477, thereby suggesting that the Nasdaq is becoming overvalued. In contrast, Fibonacci-focused traders would be interested to note that the Nasdaq is oscillating around the key Fibonacci resistance level of 12,200.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Nasdaq is set for a reversal in the coming days.

Other markets are also showing gains as Dow Jones improves 0.8% Friday and closed at 33,826. Notably, Nikkei rose 0.92% Friday and closed at 28,856. FTSE added 0.5% and closed around 7,831.58 Friday.

The market is looking forward to the release of new data: United States JOLTs Job Openings (Mar) is scheduled for tomorrow at 14:00 UTC. United States ISM Manufacturing PMI (Apr) scheduled to come out today at 14:00 UTC.

The index has been trending positively for about a month. After hitting an important low of 10,200 approximately 4 months ago, the Nasdaq has bounced back 18.89% since.