Trading is currently halted for Thanksgiving but will resume tomorrow. Meanwhile, here is a recap of yesterday: having ended a bullish session yesterday at 11,300, momentum helped the Nasdaq finish the day 125.59 points or 0.99% higher, although mixed sentiments ensured the Nasdaq etched out a distinct 11,175 to 11,300 session range.
This move comes while some more positive signs for the Nasdaq are out as United States Core Durable Goods Orders beat the 0.1% projections, with 0.5%.
On the flip side, United States Crude Oil Inventories improved upon its previous reading of -5.4 million with a new data release of -3.69 million.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The Nasdaq's upper Bollinger Band® is at 11,622, this is a slight indication of a slowdown. The Nasdaq could be slowing down soon as it approaches resistance at 11,339. Of course, crossing it might suggest further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Nasdaq is set for a reversal in the coming days.
The Nasdaq shows positive signs, other assets are also on par: notably, KOSPI Composite Index rose 0.96% yesterday and closed at 2,418. Nikkei goes up 0.95% yesterday and closed at 28,100. DAX added 0.88% and closed around 14,428 yesterday.
After hitting an important low of 10,321 approximately a month ago, the Nasdaq has bounced back 8.26% since.