Nasdaq started the session with another record high as the rally in big technologies firms continues amid positive news from the coronavirus front.
FDA granted emergency authorization of blood plasma to treat coronavirus patients. Washington is also considering approving an experimental vaccine developed by AstraZeneca and Oxford University. Moderna announced that enrollment levels for the 30,000 patient coronavirus vaccine trial surpassed 40%. Enrolment will be completed in October.
Among the top performers in Nasdaq are, Apple +1.22% at 503.53, Amazon is 0.18% at 3,290, and Alphabet is 0.27% higher at 1,579. Facebook is 1.55% higher at 271.15. Marc Zuckerberg said to officials that Chinese technology firms pose a risk to American values and TikTok, doesn’t share Facebook’s commitment to freedom of expression.
On the economic data, the United States Chicago Fed National Activity Index registered in at 1.18 well below the expectations of 2.73. The most important event for this week is the virtual Jackson Hole meeting at which Jerome Powell will speak on Thursday with investors waiting for fresh clues on the Fed’s future moves.
Nasdaq 100 Technical Analysis
Nasdaq 100 trades 0.25% higher at 11,346, making fresh record highs for the fourth consecutive trading session. Nasdaq looks unstoppable for now, and the pullbacks should be considered as a buying opportunity.
The daily top at 11,462 is the only visible resistance for the index in the daily chart. Above that, in the unchartered territory, the next hurdle is 11,500 psychological figure.
On the downside, support would be met at 11,297 today’s low. More buyers would emerge at 11,085 the low from August 20. What can cancel the bullish momentum is a break below the 50-day moving average at 10,548.