The Nasdaq closed at 10,959 today after 5th straight days of drops
(Last update 5:56pm EST, December 7, 2022)
A quick look at today: Nasdaq slid down from 11,000 to 10,959, losing 41.45 points (0.51%) today.
United States Crude Oil Inventories released earlier shows an improvement to -5.19 million from the preceding data of -12.58 million, but falls short of the projected -3.31 million.
Meanwhile, United States Cushing Crude Oil Inventories comes out at -373,000, while the projection was -841,000. United States Unit Labor Costs (QoQ) (Q3) released today at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
The Nasdaq might start to recover soon because it is getting close to its support line— now only 59.04 points away at 10,900. Dipping below could be an indication that further losses are ahead. The MACD line is significantly below the MACD signal line, meaning this medium-term trend might turn positive. Bollinger bands shows an indication of recovery: the lower band is at 10,863, a low enough level to, generally, suggest that the Nasdaq is trading below its value. Despite this, the CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend.
Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions it seems the Nasdaq might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other symbols, Hang Seng lost 3.22% during the session and closed at 18,800. ASX 200 closed at 7,229.4 (down 0.85%).
Looking ahead, this trend may be prolonged as United States Initial Jobless Claims expected to decline to 230,000 while its preceding data was 225,000, data will be available tomorrow at 13:30 UTC.