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NASDAQ extends rally as Wall Street ignores US unrest

The Wall Street continued to ignore the unrest in the US, triggered by police killing of the unarmed black man George Floyd. President Donald Trump expressed his support for “peaceful protesters”. Yet, he also threatened to deploy military to end “riots and lawlessness”. Separately, New York City joined other cities to impose a late-night curfew, from 11pm to 5am.

Major US indices ended slightly higher, with NASDAQ continuing to outperform DOW and S&P 500. The strong rally form 6631.42 continued overnight to close up 0.66% at 9552.05. Daily MACD’s flattening is a sign of loss of upside momentum. Also, we’re seeing such rise as the second leg of a medium term correction pattern from 9838.37. Hence, while a breach cannot be ruled out, 9838.37 should eventually provide strong enough resistance to bring a near term reversal. But after all, break of 9144.28 support is needed signal short term topping first. Otherwise, the party will go on.

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