Breaking: Nasdaq (NDX) and QQQ set new records, technical levels to watch

Ivan Brian FXStreet

Finally, the Nasdaq catches up with the broader market indices and posts a new record high. At the time of writing, the Nasdaq is trading at 13,946 breaking the previous high of 13,879 from way back on February 16!

Nasdaq technical levels

Once the market broke out and stayed above the upper channel resistance at 13,319, a move to test new highs was on the cards. Further support to the bullish trend is evidenced by the short-term moving averages being broken above back in early April. The Nasdaq has stayed above the 9 and 21-day moving averages. These will be the first support levels should anything change and the market turn lower. A break below would see the channel support at 13,319 being the next target support and below that the 50-day moving average will provide the next comfort level.

The bullish trend would be questioned on a break of the 50-day moving average but would not be confirmed until the previous low from early March at 12,209 is broken. This would end the series of bullish higher lows and highs.

For now, MACD confirmation remains in place for longs. RSI is getting close to overbought territory but this lagging indicator can trend lower even if the market remains elevated. It needs to be watched but is not to be acted on in isolation as no one indicator can determine future price action.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.