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February 22, 2023
A quick look at yesterday: the Nasdaq ended the session around the 11,500 level today, after Friday's 300 points decline and close at 11,800.
The US yield curve struggled to maintain its balance as bond yields rose across the board. The iShares U.S. Treasury Bond ETF declined 0.79% to trade at $22.69.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales improved upon its previous reading of -2.2% with a new data release of -0.7%.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Bollinger Bands® shows an indication of recovery: the lower band is at 11,300, a low enough level to, generally, suggest that the Nasdaq is trading below its fair value. The Nasdaq could begin to recover as it approaches significant support, now 64.7 points away from 11,428. Dipping below could be an indication that further losses are ahead.
Technical analysis shows that the Nasdaq (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Dow Jones is down to 33,130, losing 697.1 points, after ending the previous session around 33,827. After ending yesterday's session at 2,459, KOSPI Composite Index lost 41.32 points and is trading around 2,417.68. After ending yesterday's session at 4,079, S&P 500 lost 81.66 points and is trading around 3,997.34.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
After hitting an important low of 10,200 approximately a month ago, the Nasdaq has bounced back 15.41% since.
