Yesterday's BoJ decision to widen the band around target 10-year yield was a hawkish one and has sent JPY spiking while equity markets plunged. However, those downbeat moods did not last long, at least not on US stock exchanges, with Wall Street indices recovering from early drop and finishing yesterday's session higher.
Taking a look at Nasdaq-100 (US100) at D1 interval we can see an interesting technical development. Index attempted to break below the lower limit of a local market geometry yesterday but bulls have ultimately managed to defend the 11,170 pts area. This means that the short-term uptrend is still in play and a long, lower wick of yesterday's daily candlestick boosts outlook for the bulls further. Should the ongoing recovery move extend, the first near-term resistance to watch is 11,500 pts area, which served as the lower limit of an earlier-broken trading range (11,500 - 12,100 pts).
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Source: xStation5
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