Yesterday at a glance: the Nasdaq closed yesterday at 10,459 (with a daily low of 10,338) after ending Tuesday at 10,400 and gaining 0.69%.
United States Crude Oil Inventories data will be released today at 16:00 UTC, with an expected improvement to 1.15 million. the Nasdaq's reaction to macro data is expected to follow.
The Nasdaq upside coincides with further encouraging market factors as data for United States Initial Jobless Claims published today at 13:30 UTC came out at 204,000, beating projections of 225,000 and showing improvement over the preceding figure of 223,000.
At the same time, United States ADP Nonfarm Employment Change (Dec) released today at 13:15 UTC with a figure of 235,000, while the previous figure was 127,000. United States JOLTs Job Openings (Nov) came out at 10.46 million, while a consensus of analysts was expecting 10 million.
Nasdaq made an initial breakout above its 10 day Simple Moving Average at 10,467, a potential indicator of a newly emerging bullish phase. Despite this, although the Nasdaq is appreciating today after rising as high as 10,500, price action is now slowing and consolidating around 78 points below the 10,537 resistance level.
Overall, looking at the technical analysis landscape, it seems the Nasdaq might continue pointing upwards in the short term.
The Nasdaq shows positive signs, other assets are also on par: FTSE moves up 0.69% yesterday and closed at 7,585.19. Notably, Hang Seng rose 1.25% yesterday and closed at 20,800. S&P 500 is trading around 3,853 after ending yesterday's session at 3,824 (up 0.75% today).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million. It previously stood at 718,000; data will be released today at 16:00 UTC.
Also worthy of note, projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 263,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Dec) will be released tomorrow at 15:00 UTC.
The index has been trending lower for about a month. The Nasdaq is up 1.7% from the significant low of 10,200 it hit 8 days ago.