Nasdaq marching toward all-time highs.

Wednesday was a very, very bullish day for the Nasdaq index, and technological stocks rallied 5% after Gilead Science said the Remdesivir drug is looking promising.

Moreover, the Fed confirmed its ultra-loose monetary policy, and Facebook with Microsoft released reliable earning results. 

The Nasdaq index is now testing the 78% Fibonacci retracement of the March significant drop. This level is usually not a strong resistance (the 61.8% zone often is much more critical), and it looks like stocks will conquer this level without any troubles—especially when there are jobless claims on the agenda today. The market always rallies after these numbers.

Thus, the resistance for today's trading is at around 9,100 USD, and if Nasdaq jumps above it, we could see another leg higher, targeting 9,250 USD.

However, considering the short-term overbought conditions, we could see a little correction soon. The primary support area seems to be at around the 9,000 USDm where previous highs and lows are converged. As long as the index remains above this support, the medium-term outlook seems bullish.

Sentiment is very positive, and every dip has been bought so far, with investors remaining optimistic as the earnings season has been relatively OK for tech companies so far.
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