Nasdaq 100 pair early losses while Dow Jones and S&P 500 managed to turn into positive territory after White House and Senate agreed on a massive relief package worth $2.0 trillion. The relief package will help people who lost their jobs because of the coronavirus, expand unemployment benefits by $250 billion and get $350 billion in emergency loans to small companies.
Dow Jones is 560 points higher at 21265; the S&P 500 index is 21 points or 0.95% higher at 2472. The VIX index OF Chicago Board of Options Exchange is 1.23% higher at 62.34.
Read our Best Trading Ideas for 2020.
Nasdaq Index Technical Analysis
Nasdaq 100 is 0.08% lower at 7415 as the index fights to hold yesterday’s gains and to keep alive the positive momentum that started on Monday. The technical outlook is still bearish despite the recent rebound and lower levels after the rebound can’t be ruled out.
On the downside, initial support for the index will be met at 7,275 today’s low. More bids might emerge at 7155 the low from yesterday’s session. The next support level stands at 6,630 the low from March 23.
On the other hand, the initial resistance for Nasdaq will be met at 7,555 the daily top. Next resistance to the upside stands at 7,695 the top from March 12th trading session. Next supply zone will be met at 7,886 the high from March 13th, session.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.