The Nasdaq closed yesterday at 11,362, after four straight days of gains
(Last update 8:56am EST, July 7, 2022)
A quick look at yesterday: light green, mostly flat: Nasdaq ranged between 11,443 and 11,250 and closed at 11,362.
Uptick comes while some more positive signs for the Nasdaq are out as United States Initial Jobless Claims beats expectations of 230,000 with new data release of 235,000. This is also a step forward from the previous data of 231,000. Data for United States JOLTs Job Openings (May) released yesterday at 2:00 PM is better than expected with 11.25 million, but worse than previous figure of 11.68 million. Data for United States ISM Non-Manufacturing PMI (Jun) was released yesterday at 2:00 PM; it suggested a downtrend with 55.3, while previous data was 55.9.
Chart pattern study shows although the Nasdaq is green today and was as high as 11,443, it seems to be slowing down slightly and moving away from the 11,600 resistance line, and is now 245.77 points below it. In terms of trend indicators, we can see that although up today, it's worth noting that earlier the Nasdaq dropped below the 21 day Simple Moving Average as it was trading at 11,330, usually an indication that a negative trend is ahead. The MACD line is significantly above the MACD signal line, meaning the medium-term trend might turn negative.
Overall, looking at the technical analysis landscape, it seems the Nasdaq is likely to reverse course and start pointing down in the short term.
Other markets are also showing gains as DAX added 1.77% to its value, and traded at 12,818.
At the same time, the STOXX Europe 50 Index dropped to 3,368.51, its lowest in 4 months.
Positive the Nasdaq indicators are expected going forward as United States Crude Oil Inventories is projected to rise to -1 million, beating the previous -2.76 million figure. Official data is expected today at 3:00 PM.
United States's new Nonfarm Payrolls (Jun) data will be available tomorrow at 12:30 PM. Data is expected to decline to 268,000 from its previous value of 390,000.
The market is looking forward to the release of new data: United States Unemployment Rate (Jun) will be released tomorrow at 12:30 PM.