The Nasdaq trade at 13,381.29, disappointing United States Pending Home Sales data
(Last update 10:52am EST, February 25, 2021)
Nasdaq today at a glance – NASDAQ sliding down from 13,598 to 13,381.29, taking a 216.71 points loss (1.59%). United States Pending Home Sales fell short of expectations with -2.8.
A Visual analysis of the Nasdaq's price graph shows the nearest support level is at 13,070.69 while the closest resistance is at 13,636. In terms of trend indicators, we can see that the MACD line is below the MACD signal line significantly, meaning the medium-term trend might turn positive. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 13,157.29 – a low enough level to usually suggest Nasdaq is trading below its value. In contrast, at 13,532, Nasdaq made an initial breakout below the 3 day Simple Moving Average, an indication of a negative trend.
Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions, it seems Nasdaq might reverse course and start pointing upward in the short term.
After starting the session at $2,443.5, Booking Holdings lost $155.5 and is trading around $2,288. Visa Inc. is down $5.13 from the beginning of the session and now trading around $219.43. Gold is down $27 from the beginning of the session and now trading around $1,798.
United States Initial Jobless Claims came out at 730,000, above the estimate of 838,000. This is also a step forward from the previous data of 841,000. The United States GDP released earlier shows an improvement to 4.1 from the preceding data of four, but falls short of the projected 4.2.
The United States US Federal Budget will be released tomorrow at 7:00 PM.
Nasdaq social media highlights:
Nasdaq, S&P set to open lower as tech shares fall amid rising bond yields https://t.co/phylCVUQ14 pic.twitter.com/RpOTEil6uI
— Reuters (@Reuters) February 25, 2021