A quick look at Friday: the Nasdaq closed at 10,475 Friday after ranging between 10,263 and 10,554.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. The Nasdaq's lower Bollinger Band® is at 10,200, indicating that the market is oversold and fertile for new buyers. Despite this, the Nasdaq could be slowing down soon; it is getting close to the resistance line and is now at 10,600, only 123.02 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, the Nasdaq might continue its downtrend in the short term.
Other markets are also showing gains as Hang Seng added 5.36% and closed around 15,339 Friday. FTSE rallies 2.03% Friday and closed at 7,188.63. CAC leaps up 2.77% Friday and closed at 6,243.28.
The Nasdaq is now trading 17.42% below its 3-month high of 16,057.