Who’s In The Nasdaq And What Are They Doing?
Nasdaq bulls have surpassed the 13600, wedge trend-line. Last week, on Nasdaq What Now? I spoke about the bullish divergence that was visible for a while. Well, these bulls took that seriously..
We got a massive breakout. Even went as far as, passing the 14,000 resistance level and turning it into support. In this chart, The 14,000 and 14,100 break..
You can see that the success of the bulls is kind of dependent on that last resistance at: 14,600. That level being a major 16th of February, 2022 resistance. Are the bears still hovering around there? In addition, We get to know that this week. Heads up! I’ve got an alert placed there so, I don’t miss out on the action. Hold-up, there’s a but. The bulls haven’t exactly given is a Higher-low yet so, this can mean two things. First, they go create another support at a significant level and continue their race or Secondly, they fail to break and the bears resume.
Nasdaq 100’s High Impact News
We’ve got free days—Monday and Tuesday. However, on Wednesday, 23rd March, 2022 by 15:00, The US market New home sales will begin. New home sales is an economic indicator which records sales of newly constructed residences in the United States of America.
In addition, Thursday the 24th, by 13:30, The US market’s Durable goods orders will take place. Durable goods orders reflect—new orders placed with domestic manufacturers for delivery of long-lasting manufactured goods (durable goods are long-term goods that are purchased and expected to last a consumer at least three years) in the near term or future..
Effect Of The Durable Goods Orders And Why You Should Care
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Measures demand for U.S. manufactured durable goods, from both domestic and foreign sources. When the index is increasing, it suggests demand is strengthening, which will probably result in rising production and employment. A falling index suggests the opposite.
Finally, On Friday the 25th, by 15:00. The UoM (University Of Michigan) Consumer sentiment Index takes place.
Effect Of The UOM And Why You Should Care
The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Consumer optimism is directly related to consumer spending, which makes up a large part of a country’s economic activity.
Don’t miss Nasdaq’s what now episodes. Stay safe!
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