- Summary:
- Nasdaq 100 started the week higher as traders digest the weak NFP data on Friday. Risk-on mood prevails ahead of the signing of the phase one trade deal
Nasdaq 100 started the week higher as traders digest the weak NFP data on Friday. Risk-on mood prevails ahead of the signing of the phase one trade between the USA and China in Washington on January 15th. Meanwhile the tensions between Iran and USA ease as both sides continue with some diplomatic measures and without weapons.
Now investors will focus on the earnings release while in the economic data we have the reports on consumer and producer prices data, industrial production, the critical retail sales, and the housing starts.
Dow Jones Industrial is 0.19% higher at 28,880 while S&P 500 index is 0.43% higher at 3,279. The CBOE Volatility Index (VIX) adds 0.22% at 12.78 just to confirm the positive market mood.
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Nasdaq 100 Index Technical Outlook
Nasdaq trade close to all-time highs as the bullish momentum in equities is in good shape despite the Friday’s pullback.
On the upside, the intraday resistance for Nasdaq stands at 9,222.84 the daily high. A break above withhh increased volumes will pave the way for the all-time high at 9,235.20. Next resistance level to the upside for bulls to watch is the 9,300 psychological figure.
On the downside, Nasdaq index first support will be met at 9,221 today’s low. Next barrier to the downside stands at 9,063 the low from January 8th. While more bids might emerge at 8,942 the low from January 6th.