Based on technical analysis of the Nasdaq Composite Index and current market conditions, I project it will close at 23,536 today. Below is the detailed reasoning:
The index has gained for four consecutive sessions. This uptrend is supported by rising volume.
The Moving Average Convergence Divergence (MACD) shows strengthening upward momentum since Dec 17.
The index has gained for four consecutive sessions. This uptrend is supported by rising volume.
The Moving Average Convergence Divergence (MACD) shows strengthening upward momentum since Dec 17.
Immediate Resistance: 23,537.90
Immediate Support: 23,377.49
Santa Rally Effect: Seasonal trends favor year-end gains.
In terms of my buy/sell plan, I would sell call and earn premium