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NASDAQ Breaks New Record


The release of a Markit that is upbeat US data sent US indices rocketing on with Nasdaq and the S&P 500 index both hitting their record highs friday. The . A reading above 50.0 Indicates an expansion of the manufacturing sector and the distance above this midline shows the speed of growth, so that the genuine figures suggested a more powerful recovery in the usa factory sector than markets anticipated.

a decent manufacturing reading may provide cushion for the United States job market, which includes recently showed sign of weakness amidst a 2nd wave that is viral. The united states Dollar index rebounded to 93.16 from 92.66.

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to start Mixed

Friday it will probably be worth noting that the rally in the usa stock market is extremely unbalanced – around 72% of this S&P 500 companies closed lower on despite of a 0.34% climb in the S&P 500 index.

Sector-wise, technology (+ 1.41%), consumer staples (0.24%) and industrials (+0.23%) had been doing the lifting that is heavy whereas materials (-0.38%), communication services (-0.24%) and financials (-0.12%) were lagging.

S&P 500 Index Sector performance 21-8-2020

Technically, the index is riding an ascending trend (chart below), featuring its 20-, 50- and simple that is 100-Day Average (SMA) lines trending upward. The RSI indicator has further stretched beyond the overbought level of 70, suggesting strong momentum that is upward. Immediate support levels in the Nasdaq could be purchased at around 11,225 -the 20-Day Simple Moving Average (SMA).

Nasdaq Breaks Fresh Record. Hang Seng and ASX 200 to Open Mixed
Hong Kong’s Hang Seng Index (HSI)is set to open higher following the tailwind of the united states areas. Similar to the united states stock market, technology shares are leading the Hong Kong stock market rally. But, as Alibaba, and Xiaomi are perhaps not included inside the Hang Seng index, the later was underperforming the usa benchmarks.

Theoretically, the HSI is working with an opposition that is immediate at 25,200 – the 38.2% Fibonacci retracement level. Breaking this level could open room for potentially more upside towards the resistance that is next at 25,850 – the 23.6% Fibonacci retracement. The release of a Markit that is upbeat US data sent US indices rocketing.


Billy Houghton

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