Friday at a glance: bullish sentiment helped the Nasdaq to push 300 points higher, reaching session highs around 11,117, before consolidating until close. Ultimately, the Nasdaq closed Friday at 11,100.
Nasdaq could be slowing down soon as it approaches resistance at 11,224. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at 11,341, thereby suggesting that the Nasdaq is becoming overvalued. On the other hand, note that the Nasdaq made an initial breakout above its 5 day Simple Moving Average at 10,955, a potential indicator of a newly emerging bullish phase.
Technical analysis suggests there could be an imminent reversal for the Nasdaq.
Other markets are also showing gains as Dow Jones went up by 2.59% Friday, and closed at 32,862. S&P 500 went up by 2.46% Friday, and closed at 3,901. Nikkei went up by 1.78% Friday, and closed at 27,600.
The market is looking forward to the release of new data: United States ISM Manufacturing PMI (Oct) is expected tomorrow at 14:00 UTC. United States JOLTs Job Openings (Sep) is scheduled for tomorrow at 14:00 UTC.
Having set a significant low of 10,321 17 days ago, the Nasdaq is trading 4.57% higher.