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Nasdaq: Small recovery after moderate decline
Daily forecast from May 2nd, 2024 for active traders: Nasdaq chart analysis and day trading setups. Find out more about the current developments and market outlook. Act responsibly!
Nasdaq: Small recovery after moderate decline
The Nasdaq index started yesterday at around 17,508 points and recorded a moderate decline to around 17,400 points by midday. After a small recovery move, greater volatility took hold in later trading. The index was temporarily able to push itself almost to the 17,800 point mark before all gains were canceled out again by the close of trading.
In the 1-hour chart, the Nasdaq was below the SMA200 (currently at 17,595 points). The SMA20 (currently at 17,510 points) broke through the SMA200 from above. During the sideways movement, the index managed to get close to the SMA20 but was rejected several times. Despite crossing all three average lines in the evening, the Nasdaq failed to stay above the SMA50 (currently at 17,612 points). At the close of trading, the index was back below the SMA20, but was able to overcome it in early trading.
It is crucial that bulls can keep the Nasdaq index above the SMA20 to potentially rise further towards the SMA200 or SMA50. Crossing these average lines requires dynamism and momentum. A sustained settlement above the SMA200 – SMA50 followed by a rapid increase could open the door for a fresh increase towards 18,000 points. It remains to be seen how the price patterns develop and whether the index can break through these levels to the upside.