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May 11, 2023
The Nasdaq is on a 6 day bullish run gaining 340.04 points (3.03%). Today's session pointed in the same direction — after closing at 12,300 yesterday, the Nasdaq maintained a strong bullish bias that helped the index close higher at 12,329 today. However, market bears ensured the the Nasdaq topped out at 12,347 and that by the end of the session, the market had marked out a distinct 12,255 to 12,347 range.
Uptick comes while some more positive signs for the Nasdaq are out as United States Crude Oil Inventories beat analyst expectations of -917,000 and the previous reading of -1.28 million with new data of 2.95 million.
Nevertheless, highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Following a previous reading of 242,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 245,000 figure expected by analysts with an actual reading of 264,000.
Nasdaq could be slowing down soon as it approaches resistance at 12,365. Of course, crossing it might suggest further gains are ahead. 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 12,400, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the Nasdaq.
Meanwhile, after ending today's session at 33,531, Dow Jones lost 231.33 points and is trading around 33,300. DAX decreases 0.39% today and closed at 15,900.
The index has been trending positively for about 2 months. The Nasdaq is now trading 20.49% above the significant low (10,200) it slumped to 4 months ago.
