The Nasdaq trades at 13,430 after jumping 305 points – its biggest single-day gain since Mar 11
(Last update 9:41pm EST, May 14, 2021)
After starting yesterday at 13,125, NASDAQ made its largest single-day jump (305 points) since Mar 11, and and closed at 13,430.
The Nasdaq green move took place amid mixed market indicators – United States Core Retail Sales fell short of the 0.7% projections, at -0.8% and continued its downward trajectory from the previous figure of 9%.
More data came out yesterday as United States Retail Sales came out at 0%, while the projection was 1%. United States CFTC Crude Oil speculative net positions is released with a new figure of 496,600, This is down from preceding data of 500,000.
Important graph levels to look out for: nearest resistance level is at 14,139. In terms of trend indicators, we can see that at 13,340, Nasdaq made an initial breakout above the 5 day Simple Moving Average, an indication of a positive trend. The MACD line is below the MACD signal line significantly, meaning the medium-term trend might turn positive.
Overall, looking at the technical analysis landscape, it seems the Nasdaq might continue pointing upwards in the short term.