Tech Recovers from Selloff as Bitcoin Plummets to $97,000: Market Movers for Friday
Market Performance: The Nasdaq 100 rose 0.6% as investors returned to tech stocks after a selloff, while the S&P 500 increased by 0.3% and the Dow Jones fell by 0.3%, influenced by declines in financial and pharmaceutical sectors.
Tech Stock Highlights: Micron Technology surged over 7% following news of increased DDR5 memory chip prices by Samsung, while Nvidia rebounded 1.8% after a previous drop. SanDisk also saw a significant rise of over 10%.
Global Supply Concerns: GE Vernova's shares increased due to reports of a global yttrium shortage caused by Chinese export restrictions, raising concerns about cost spikes in various industries, including aerospace and power.
Cryptocurrency and Commodities: Bitcoin fell 3% to an intraday low before recovering slightly, officially entering bear market territory, while gold prices dropped 1.7% amid hawkish signals from the Federal Reserve regarding interest rates.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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