Nasdaq 100 Higher – Five Points Away from Record Highs
Nasdaq 100 starts the first trading session of the week in positive territory adding 0.44% at 9,563. Investors focus on the impact of the coronavirus spread in the global economy. Apple is under selling pressure as retail stores closure will impact quarterly smartphone sales. Above that many factories in China failed to open on Monday creating many problems in the supply chain.
On Friday, the news on the US economy was encouraging, as the nonfarm payrolls jumped by 225,000 in January, beating the expectations. The unemployment rate inched higher. The last six months, the monthly jobs gains have averaged more than 200,000 positions, which is the sign of a healthy economy. Later this week we await data on producer and consumer prices, the industrial production, and retail sales.
Nasdaq 100 is on a clear bullish momentum as the indes is moving inside a perfect formed uptrend channel that started in the beginning of 2019.
On the upside, first resistance for the Nasdaq index will be met at 9,570 the daily top. Next resistance will be met at 9575.66 the all-time high. Next psychological resistance stands at 9650.
On the other side, immediate support for the Nasdaq index will be met at 9,493 today’s low. Next critical support area stands at 3,977 the low from February 4th. In case of a further correction the next support stands at 9,121 the low from January 31st.