Nasdaq edges Higher Ahead of G20
The Nasdaq Composite Index outperformed today adding 0.73 percent to 7,967.76 while the Dow Jones Industrial Average (DJIA) lost 10.24 points, or 0.04 percent, to 26,526.58, and the S&P 500 ended 0.38 percent higher to 2,924.92 on improved sentiment as traders await positive outcome from the G20 Summit in Osaka, Japan. President Trump and Chinese President Xi Jinping will meet on Saturday in the first meeting since trade talks stopped in May. Earlier today, GDP revision for the first quarter expanded by 3.1 percent in a YoY basis to match previous estimate and the economist’s estimates. The Personal Consumption Expenditures Prices reported at 0.5% on a quarterly basis for first quarter better than analysts’ forecast. The initial Jobless Claims came in at 227,000 beating analyst’s estimates of 220,000 for June 21.
The index trading above all the key daily moving averages and the bulls are ruling the game for the short term while for the midterm is on a rising trend channel. On the upside immediate resistance is at the weekly high around 8,087 from June 20, while more offers will emerge at 8,170 the yearly high. On the downside Nasdaq first support stands at 7,859 the 50 day moving average while extra bids will emerge at 7,745 the 100 day moving average.Don’t miss a beat! Follow us on Twitter.