| 
June 16, 2023After ending Wednesday at 13,626, the Nasdaq rallied to 13,828 yesterday, hitting its highest point in 1 year. It later lost 45.35 points and closed at 13,783.
Uptick comes while some more positive signs for the Nasdaq are out as United States Retail Sales beat the -0.1% projections, with 0.3%.
Nevertheless, United States Initial Jobless Claims came out at 262,000, marking no change from preceding figure.
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
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. Bollinger Band® analysis indicates that current price action is approaching the upper band at 13,800, thereby suggesting that the Nasdaq is becoming overvalued. In contrast, the Nasdaq broke through the 13,700 resistance, climbing 76 points above it.
Technical analysis of the Nasdaq price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
The Nasdaq shows positive signs, other assets are also on par: ASX 200 is trading around 7,251.7 after ending yesterday's session at 7,175.3 (up 1.06% today). Dow Jones goes up 1.26% yesterday and closed at 33,979. S&P 500 ascends 1.22% yesterday and closed at 4,372.59.
The index has been trending positively for about 3 months. The past 3 months have been positive for the Nasdaq as it added 21.79% compared to its 3-month low of 10,200.
