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July 03, 2023Maintaining its 5 days rise (+452.14 points), Today's session pointed in the same direction — generally flat but with a slight bullish bias, the Nasdaq ranged between 13,773 and 13,839 before closing higher at 13,817.
The Nasdaq is currently trading at 13,817 following the release of ISM Manufacturing PMI (Jun) data from the United States.
Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8, while a consensus of analysts was expecting 44.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. On the other hand, note that the Nasdaq's upper Bollinger Band® is at 13,900, this is a slight indication of a slowdown. The Nasdaq broke through the 13,831 resistance and climbed 14.23 points above it.
According to technical analysis, it looks as if the Nasdaq likely to continue pointing upward in the short term.
Other markets are also showing gains as Nikkei added 1.7% and closed around 33,200 today. Hang Seng went up by 2.06% today, and closed at 19,300.
The index has been trending positively for about 3 months. Having set a significant low of 10,200 6 months ago, the Nasdaq is trading 35% higher.
