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Forex Today: NASDAQ 100 Index Starts a Bull Market

Adam Lemon

After making a golden cross in recent weeks, the NASDAQ 100 Index hits a 20% rise yesterday from its December low, triggering a technical definition of a bull market.

   

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  1. US stock markets rose firmly yesterday, with the NASDAQ 100 Index completing a 20% increase from its low made in December 2022, reaching a technical definition of a bull market. Some days ago, the Index had also made a golden cross, as did the S&P 500 Index a few weeks ago. However, major Asian indices like the Nikkei 225 Index and the Hang Seng Index are trading lower today.
  2. In the Forex market, the US Dollar is consolidating, pausing its long-term bearish trend. It may pick up some direction when US Final GDP (expected to confirm 2.7% growth) and Unemployment Claims data are released later today. Over the short term, the Euro and the Japanese Yen look like the strongest major currencies, while the Canadian Dollar is the weakest.
  3. Several commodities are performing strongly, while the Sugar ETF CANE is trading very close to a multi-year high price.
  4. Bitcoin has made a bullish push over the past day but has failed to match its long-term high made a few days ago.
  5. There will be a release of German Preliminary CPI (inflation) data today.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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