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May 19, 2023Wednesday ended at 12,500; during yesterday's session the Nasdaq rallied above 12,700 for the first time in 8 months, gaining 200 points and closing at 12,700.
This move comes while some more positive signs for the Nasdaq are out as United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000.
Meanwhile, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
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 12,583, this is a slight indication of a slowdown. Despite this, the Nasdaq broke through the 12,565 resistance and climbed above it 124.09 points; next resistance level is at 12,629.
Technical analysis suggests there could be an imminent reversal for the Nasdaq.
Other markets are also showing gains as Nikkei added 1.6% and closed around 30,100 yesterday. DAX is trading around 16,163 after ending yesterday's session at 15,951 (up 1.33% today). S&P 500 went up by 0.94% yesterday, and closed at 4,198.
Also worthy of note, United States Fed Chair Powell speech is scheduled today at 15:00 UTC.
The index has been trending positively for about 2 months. Having set a significant low of 10,200 4 months ago, the Nasdaq is trading 22.4% higher.
