The Nasdaq Composite ($COMPX) ended the session higher by 57.99 points, or 2.2%, on Thursday and it closed at 2,697.97. The top index components in the Nasdaq-100 ($NDX) were Netflix (NFLX) (+10.67%), Green Mountain Coffee (GMCR) (+8.48%), Micron Tech. (MU) (+7.55%), and Qualcomm (QCOM) (+7.53%). The weakest were Whole Foods (WFM) (-2.00%), and Sirius XM Radio (SIRI) (-1.79%), and Alexion Pharmaceuticals (ALXN) (-1.38%).
Nasdaq Composite (Figure 3)
Employment Data Set to Grab Headlines
The market closed just shy of the day's highs on Thursday and continued to hold this resistance level afterhours despite the slowdown in the trend as it hit. The G20 is wrapping up a two-day meeting in Cannes today, but the index futures have had little reaction overnight. The market is trading near Thursday's close in early pre-market trade. Nevertheless, there will be plenty of news to still break the range prior to the open once October's employment data comes out at 8:30 a.m. ET. The technical bias for the market is fairly wide open ahead of the data. Neither the bulls nor the bears have an overwhelming pull ahead of the announcement, so use caution positioning ahead of the news.
Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.
Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.