NASDAQ paints a rosy picture
02 November 2021
Nasdaq 100, S&P 500 Futures and Dow Jones performed well to make the opening day of the week a rosy day on Wall Street.
Nasdaq 100 closed at high prices pushing the Wall Street benchmark slightly higher. A bullish Golden Cross emerged between the 20-day SMA and 50-day SMA hinting at a possible broader upside technical bias. However, the Hanging Man candlestick pattern that was left behind on Monday could be a sign of indecision.
With more than 80% of S&P 500 Futures estimating good third quarter earnings, the traders are slowly coming out of their shy mood. The index has been consolidating since the last day of the previous week where it closed at a record high of 4,600. However, a hawkish shift in the Fed policy may affect this good run of the index.
Expecting OPEC+ would sweep aside US President Joe Biden’s request to step up oil production, West Texas Intermediate crude oil price rose above the daily resistance and closed at $84.85 per barrel. Saudi Arabia and Russia, two leading countries in the alliance hinted that crude oil production in December would be increased as previously planned to 400,000 barrels per day.