The Nasdaq 100 has surged to new record highs this Friday after stellar Flash Manufacturing, and Existing Homes sales data helped push investor sentiment on the index. The data showed that the housing sector has virtually recovered, as previous data released earlier in the week on Housing Starts and Building Permits also suggest. The technology and e-commerce stocks continued their ascent, helping the Nasdaq 100 to ink the third new record for the week.
The news for today on the Nasdaq 100 remains that of Tesla, which rocketed past the $2,000 mark as its impressive run continues unabated. Amazon is having an ordinary day as the company’s head of consumer business Jeff Wilke is to retire early next year as announced by the company on Friday. He is to be replaced by Dave Clark, current VP of worldwide operations. Wilke had been tipped to succeed Amazon Chief Jeff Bezos in the future.
Several pharmaceutical stocks also made it into the gainers’ list, with EyePoint Pharmaceuticals, Harpoon Therapeutics and Addex Therapeutics Ltd all staging double-digit gains.
The Nasdaq 100 is 0.3% higher and currently trades at 11517.6, off intraday/all-time highs at 11560.3.
Outlook for Nasdaq 100
The Nasdaq 100 cleared the previously expected upside target at 11453.2 yesterday and has built on it with today’s bullish action. The 327.2% Fibonacci extension from the 10 March to 23 March price swing beckons as an upside resistance at 11887.1.
On the flip side, failure to sustain a second daily close above the 11453.2 price level may allow for a pullback, with 11176.3 and 10866.2 constituting the immediate downside targets. 10505.4 is starting to look like a distant downside target, and would only be realistically attainable on a breakdown of the ascending channel’s lower border.