The Nasdaq 100 index reclaimed yesterday’s losses after a strong performance of the tech stocks for a 3rd straight day. The risk-sensitive index benefitted from a stellar initial jobless claims report, which showed that 712K Americans applied for unemployment benefits for the first time in the week ended March 6. This was a drop from the previous number of 754K (an upward revision), and also lower than the expected level of 730K.
Also helping the Nasdaq 100 to a higher push on the day was the passage of the $1.9trillion stimulus package by the US House of Representatives, completing a Congressional approval process that opens the door for much-needed funds to flow into critical sectors of the economy.
The Nasdaq 100 is up 1.61% as of the time of writing.
Technical Levels to Watch
The active daily candle has met resistance at the 12973.9 resistance, which is also capped by the descending trendline that connects the tops of 16-22 February and 2/10 March 2021. If the Nasdaq 100 can transcend this resistance, 13135.5 becomes available to bulls for a target. A further advance brings in 13344.2 and 13559.2 as potential targets to the north.
On the flip side, a pullback from a failed attempt at uncapping the current resistance brings in 12489.7 into the mix as potential support, with 12231.7 also coming into the picture as an additional
support.
Nasdaq 100 Daily Chart
