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Nasdaq is approaching new record highs amid supportive drivers. US data in focus now.
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FUNDAMENTAL OVERVIEWThe Nasdaq is approaching new all-time highs as risk sentiment remains positive amid lower geopolitical tensions, a neutral Fed and improving US growth.
These drivers are supportive for the stock market and will likely take us to new record highs unless we get a hawkish repricing in the next couple of weeks.
NASDAQ TECHNICAL ANALYSIS – DAILY TIMEFRAMENasdaq - dailyOn the daily chart, we can see that the Nasdaq is approaching the all-time highs.
The buyers, on the other hand, will look for a break higher to increase the bullish bets into new record highs.
NASDAQ TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMENasdaq - 1 hourOn the 1 hour chart, we can see that we have a minor counter-trendline acting as resistance.