NASDAQ Ends Higher Just Shy of the 100 Day MA
US equity markets finished higher today for fourth straight day, supported by a report that the United States is considering delaying imposing tariffs on Mexican imports. The S&P 500 added 17.28 points or 0.61% at 2843.42, the high reached 2852.10. The Nasdaq rose 40.08 points or 0.53% at 7615.55, the high reached 7634.11. In Europe the ECB extended its so-called forward guidance by another six months, meaning that rate hikes were no longer seen rising until “at least” mid-2020. In macro data from the U.S. the trade deficit narrowed to $50.8 billion in April from $51.9. President Trump today said that they will make a decision on imposing tariffs on an additional $300 billion worth of Chinese good after the G20 meeting.
Nasdaq is building positive momentum as it trades above the 150 day moving average, but today the index closed at 7,615 just shy of the 100 day moving average at 7,631 failing to give an extra boost. Traders await tomorrow the US official employment report. Non-farm payrolls are expected to rise by 185K, a better figure can push Nasdaq above the 100 day moving average and attract more bids as the short term momentum will turn bullish.