nasdaq
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.
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.
