- The Nasdaq 100 is up 0.22% in a session with low volume.
- Investors will be focusing their attention on tomorrow’s PMI Manufacturing Index.
- The US agenda includes the ADP Employment Report and the ISM Services PMI on Thursday.
The Nasdaq 100 hit a daily low of 19,466 attracting buyers that pushed the tech-heavy index to a session high of 19,466. At the time of writing, the Nasdaq 100 is trading at 19,596, gaining 0.22% on the day.
The market pauses ahead of the release of relevant economic data
The Nasdaq 100 remains bullish in a session with low volume due to the celebration of Labor Day in the United States. Investors will focus on the Manufacturing PMI Index to be released tomorrow, which is expected to rise to 47.5 in August from 46.8 in July.
In the same vein, analysts will be looking ahead to the ADP Employment Report, which will be released on Thursday and whose growth expectations are 145,000 in August compared to 122,000 in July. Likewise, investors will be keeping an eye on the Services PMI, which they expect to see a contraction to 51.1 in August from 51.4 in July.
Technical levels on the Nasdaq 100
The Nasdaq 100 reacted to the upside at a short-term support located at 19,215, pivot point of August 28. The next support is located at 17,775, given by the low of August 8. The closest resistance is observed at 19,936, high of August 22, which converges with the 78.6% Fibonacci retracement.
Nasdaq 100 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
