Over the past five trading sessions, the U.S. Nasdaq index has posted a gain of more than 1.5%, supported by a recent rise in market confidence that has pushed the equity index to new all-time highs. The NFP employment data released yesterday surprised markets with 147,000 new jobs, compared to the 111,000 expected, reflecting a recovery in the labor market that could ultimately support domestic consumption in the U.S.. This has helped maintain investor confidence in equities, supporting a bullish bias in the Nasdaq in recent sessions.
Sustained Uptrend
Since the early days of April, the Nasdaq has maintained a solid upward trend, with no relevant signs of selling pressure that would threaten the current bullish structure. As a result, the long-term bias remains clearly bullish within the broader market outlook. However, it's worth noting that a growing sense of indecision has emerged in recent sessions, reflected in the candlestick patterns, which could open the door to short-term bearish corrections.
Technical Indicators
MACD: The MACD histogram continues to hover around the neutral zero line, indicating a balance in moving average strength during recent sessions. If this pattern continues, it may result in a more defined period of price neutrality in the short term.
RSI: The presence of consistent RSI highs, alongside higher price highs in the Nasdaq, has led to the formation of a bearish divergence. This suggests that market equilibrium has been affected by recent bullish momentum, and could lead to price pullbacks in the upcoming sessions.
Key Levels to Watch:
Written by Julian Pineda, CFA – Market Analyst
Sustained Uptrend
Since the early days of April, the Nasdaq has maintained a solid upward trend, with no relevant signs of selling pressure that would threaten the current bullish structure. As a result, the long-term bias remains clearly bullish within the broader market outlook. However, it's worth noting that a growing sense of indecision has emerged in recent sessions, reflected in the candlestick patterns, which could open the door to short-term bearish corrections.
Technical Indicators
MACD: The MACD histogram continues to hover around the neutral zero line, indicating a balance in moving average strength during recent sessions. If this pattern continues, it may result in a more defined period of price neutrality in the short term.
RSI: The presence of consistent RSI highs, alongside higher price highs in the Nasdaq, has led to the formation of a bearish divergence. This suggests that market equilibrium has been affected by recent bullish momentum, and could lead to price pullbacks in the upcoming sessions.
Key Levels to Watch:
- 23,000 – Psychological barrier: A tentative resistance level in the short term due to the lack of clear technical references. A breakout above this level could reinforce the current bullish bias and signal a more sustained upward trend.
- 21,800 – Nearby support: An area aligned with a recent neutral technical zone, which may act as relevant support in the event of a short-term pullback.
- 21,000 – Key support: A level that coincides with the 50-period simple moving average. A break below this level could put the current bullish structure at risk and pave the way for a more significant downward move.
Written by Julian Pineda, CFA – Market Analyst
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.