Nasdaq: Dynamic change of direction in trading

Nasdaq: Dynamic change of direction in trading

The Nasdaq 100 was trading in the 17,282 area yesterday morning and recorded a narrow sideways movement over the course of the morning. However, the index entered a dynamic downward trend with the official start of trading. Despite the initial decline, the Nasdaq was able to stabilize and recover around the 17,150 point mark. This positive development continued into the evening, with the index even climbing above 17,300 points and consolidating there at the end of the day.

Regarding the chart check on the 1-hour chart, the Nasdaq was below the SMA20 at 17,315 points yesterday morning. During the trading day, the index managed to temporarily move above this average line, but fell back again with the official start of trading. Nevertheless, the Nasdaq quickly managed to reverse course and develop upward momentum. By the evening, the index approached the SMA50 area at 17,320 points.

The movements on the hourly chart suggested that a clearing was taking place. A close above the SMA50 could see the Nasdaq 100 reach the SMA200 level at 17,847 points. However, it remains to be seen whether the index will be able to maintain this level and continue to rise to continue the positive development. It remains advisable to follow developments closely as trading always involves risks.