📈US100 gains 3%

🎢A relief rally supports the Nasdaq as Wall Street rebounds on a wave of declining US recession fears💲

The most important report of the week that Wall Street had been waiting for since Monday was unemployment claims. The last reading indicated nearly 250,000, but today's release indicated 233,000; below the market's 240,000 forecast. The better-than-expected data led to a decrease in fears of the specter of recession, which for the past few days had given a downward direction to the indexes, especially the Nasdaq 100 index of technology companies, which has fallen more than 7% over the past six sessions.

• Although the change in the data is almost within the limit of statistical error and does not seem to be a factor containing full information about the current state of the economy, let alone its further direction,
• Wall Street did not ponder longer and took the reading as another stress-reducing signal after the stronger-than-forecast ISM services data.  As a result, the VIX is losing more than 15% today.   
• Lower recession fears are pushing 10-year U.S. Treasury bond yields up to 3.98% today, with 2-year bond yields rising above 4.02%, compared to less than 4% before the U.S. session.
• In late May and early June, however, they were almost less than 5%. Yesterday, before the U.S. close, we saw a return of sellers, and Nvidia shares settled below $100 per share. We are seeing a reversal of these trends; the VIX index is losing almost 15%, and Bitcoin is approaching psychological resistance near $60,000.
• Also, US wholesale inventories came in line with expectations in 0.2% monthly vs 0.2% in June but wholesales trade sales plunged -0.6% monthly in July vs 0.3% exp. and 0.4% previously

The improvement in sentiment today is mainly benefiting large technology companies. Tesla is up 3.5%. Nvidia shares gain more than 4.5%, and Broadcom and Taiwan Semiconductor gain nearly 5.5%. Super Micro Computer's shares, however, gain less than 3%, after yesterday's roughly 20% sell-off. Source: xStation5 

Declines in the Nasdaq100 (US100) contract in early August knocked out the lower limit of the long-term uptrend. However, due to the nature of the correction caused by macroeconomic concerns, this signal should not be considered a trend reversal. For now, the key level from the perspective of investors remains 17135 points, which is the local low from April. A break through this level would mark the first lower low until October, which could signal to investors that the uptrend has been broken. For the time being, today's dynamic growth brings the quotations back near the limits of the uptrend, and if the quotations manage to break through the resistance at the post-island level of 18737 points, one can expect an attempt to break through the EMA100 limit and return to further growth. Source: xStation