Nasdaq Consolidates After Yesterday's Rally

Nasdaq Consolidates After Yesterday's Rally
The tech-heavy Nasdaq 100 index traded slightly lower ahead of the US session, hovering near 15,115 USD.
So far today, the US calendar has offered the goods and services trade balance for February, which stayed at -89.2 billion USD. The goods trade balance worsened slightly to -107.5 billion USD.

Later in the session, the US services ISM survey for March is due, seen improving slightly to 58 from 56.5 previously. In addition, the employment subindex will likely improve as well.

Additionally, several FOMC speakers will hit the wires today - including Brainard, Kashkari, and Williams. They will probably confirm the hawkish stance of the Fed ahead of this month's meeting.

Technically speaking, the index stalled (again) at the 200-day moving average ( the green line) at 15,180 USD. Bulls must push the Nasdaq above it to change the medium-term uptrend to positive. 

In that case, the next resistance is expected at last week's highs near 15,265 USD. After that, another target could be at previous lows near 15,560 USD.

Alternatively, the support will likely be at the psychological level of 15,000 USD before yesterday's lows of 14,830 USD.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.