Friday at a glance: the Nasdaq went up to 10,860 Friday, gaining 2.31%.
A study of the Nasdaq's historical price actions shows Nasdaq could be slowing down soon; it is getting close to the resistance line and is now at 10,976, only 116.43 points away. Crossing the resistance line could, however, suggest that further gains are ahead. With regards to technical trend indicators, chart analysis show that the Nasdaq made an initial breakout above its 21 day Simple Moving Average at 10,757, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 10,800 currently serving as resistance
Overall, while the Nasdaq has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Dow Jones added 2.47% and closed around 30,334 Friday. S&P 500 went up by 2.37% Friday, and closed at 3,752.75.
At the same time, Hang Seng lost 6.36% Friday and closed at 16,200.
Furthermore, the market is looking at projections for United States Consumer Confidence are set for a continuation of decline with 106.5 while previous data was 108; data will be released tomorrow at 14:00 UTC.
The Nasdaq hit a significant low of 10,321 around 10 days ago, but has since recovered 2.84%.