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    United States 2020-05-06 01:35:03
    Technical index Nasdaq 100 Forecast for the Week Ahead, Unemploym

    With that in mind, we can surmise much of the market’s focus has shifted to the expected recovery timeline, not the current despair. Still, I find it difficult to accept the jobs lost will immediately return and suspect the recovery will be more treacherous than the market is currently projecting. Regardless, price action has shown its ability to climb higher in the face of bad news so it seems unlikely Friday’s report will shift the tide, but it could erode sentiment into the rest of the month.

    While the fundamental side develops, bullish technical traders will look to retake recent highs around 9,157 and establish a fresh high in pursuit of a continuation higher. Such a move would also require a break above 9,000 and the Fibonacci level nearby, while support may exist underneath from the ascending band around 8,565.

    So, the Nasdaq may take the upcoming news in stride, but the chickens will come home to roost eventually which leaves risks tilted to the downside in my opinion.

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