Nasdaq breaks above key resistance

Nasdaq roars higher on strong jobless claims data and easing bond yields.

Uptrend 2

 
The Nasdaq trades over 2% higher at the time of writing, reclaiming yesterday’s losses.

The index is benefiting from a risk on mood thanks in part to better than forecast jobless claims data.

Jobless claims rose by 712k vs 725k expected.

Approval of the $1.9 trillion stimulus package by the House of Representatives yesterday added to the upbeat mood. As did a successful 10 bond sale which saw enough demand to drive yields lower.

The Nasdaq has pushed over a descending trendline dating back to 16th February. A close over this now support around the 13000 mark would be considered a bullish signal.

Bulls could then look towards 13185 the confluence of the 20 & 50 sma on the daily chart.

Failure to hold that support around 13000/ 12975 could see a test of 12725 today’s low and a level which has offered support several times this year.

Learn more about trading indices




More from Indices

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.