Nasdaq index erases the week’s declines

The Nasdaq index is trading to a new session high of 14313.03. That’s up 166 points or 1.18%. In the process, the index is now positive on a week by 0.05%. The Nasdaq index has been up for five consecutive weeks

Recall that last week, the price moved to a new high for the year of 14423.22 and traded intraday above the high for the year at 14358.02. However, the momentum could not sustain the price above the 2023 high (closed below the high close).

Getting above the high closing level at 14358.02 should be more positive for the index going forward. However, after failing, it could also attract sellers on another test. Be aware.

Of course, tomorrow’s jobs report will be a big influence. A Goldilocks number that shows job growth that is not too strong, would likely be the fundamental story that would push the indices higher. If the jobs number is weaker or negative, we could see markets become more nervous as thoughts of a hard landing (lower earnings) could be the main concern. Rates have already started to discount weaker growth with the 10-year yield now trading at 4.155%. That’s down from the 2023 high at 5.02% from October 23..

This article was written by Greg Michalowski at Source