Nasdaq started the trading session higher despite the escalation in Iran-USA tensions after the missile attack of an U.S. base in Iraq. Stock futures turned sharply lower after the news about the attack crossed the wires. The investors’ sentiment has improved the last hours as markets expect that the USA will not respond to the attacks.
On the economic data the United States ADP Employment Change registered at 202K, topping expectations of 160K in December. Earlier the United States MBA Mortgage Applications increased to 13.5% on December 27, the previous reading was at -5.3%.
Yesterday the Institute for Supply Management, came out with stronger data on non-manufacturing activity. The ISM survey for December came in at 55.0. That was up from November’s 53.9 reading. That figure also was better than the forecasts and was well above the 50.0 mark that divides between an expanding and a contracting services sector.
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Nasdaq 100 Index Analysis
Nasdaq recovers today yesterdays losses and might attempt a move to the all-time highs. The bullish momentum is still intact despite all the chaos in the markets after the Iranian missile attack.
On the upside, initial resistance stands at 9,104.99 the daily high and the all9time high. Next level to the upside for bulls to watch is the 9,200 round figure.
On the other hand, Nasdaq first support will be met at 9,059 today’s low. Next support stands at 8,943 the low from January 6th. In case the pierce that level, next support zone is at 8,636 the December 12th low.
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