News & analysis
News & analysis

Nasdaq cements its best start to a year since 1975

2 August 2023 By Ryan Boyd

Share

The Nasdaq Composite Index has kicked off 2023 with a historic performance, achieving its most impressive start since 1975. Despite concerns about a potential recession, the index has displayed remarkable resilience, surging over 37% year-to-date as of the end of July.

The upward trend has been consistent, with green months recorded in 6 out of the 7 months of the year so far. With only 13.50% more to run before it gets back to all time highs set in November 2021, it will be interesting to watch how this plays out over the second half of the year.

From a technical standpoint, traders are closely monitoring the current price action within this crucial resistance zone. The market’s reaction here will determine its short-term direction. Will the resistance zone hold strong and push the price downward, or will the momentum be strong enough to break through and continue its journey toward all-time highs?

Zooming out to the weekly timeframe, the Relative Strength Index (RSI) has been floating around overbought territory since mid-June. This confluence with the resistance zone indicates a possible cooling off period in the coming weeks. This scenario wouldn’t be overly surprising, as markets often experience a breather after significant surges.

 

Ready to start trading?

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Indice #Indices #IndicesTrading #IndexTrading #Shares #Stockmarket #Stocks