Nasdaq Edges Up, On Falling Bond Yields
Wall Street indices spiked higher today with the Nasdaq adding over 1.6% at 7,900.40. The Dow Jones Industrial Average currently is trading 1.30% higher at 25,912, while the S&P 500 trading 1.52% higher at 2,890.65 as trade tensions between the China and US ease. In United States the Building Permits Change came in at 8.4% topping expectations of 5.6% in July. Housing Starts (MoM) came in at 1.191M below expectations of 1.257M in July. The Michigan Consumer Sentiment Index registered at 92.1, missing expectations of 97.2 in August.
The CBOE Volatility is fear Index, is down more than 11% at 18.71 just to confirm the positive market mood.
Nasdaq getting a boost from Apple (AAPL) +2.39% at $206.57, AMD +6.03% and NVIDIA Corporation (NVDA) +6.88%.
Nasdaq tested the lower bound of the ascending channel yesterday and managed rebound strongly today above the 7,900 mark. On the upside immediate resistance is at 7,903 the daily high and then at 7,945 the 100 day moving average. On the downside Nasdaq first support stands at 7,828 today’s low and then at 7,576 the 200 day moving average while more bids will emerge at 7,300 the low from June 3rd. Traders looking to enter long positions can buy if the index manages to close above the today’s high, targeting the 8,000 level for profits, and can keep their long positions as far the index is trading above the 7,828 mark.
The European Indices also trading higher today, the FTSE 100 is 0.67 percent higher at 7,114 as the pound trades above 1.2145. DAX 30 is 1.43 percent higher at 11,574 while CAC 40 in Paris also trades 1.31 percent higher at 5,305.