On the daily chart below for the Nasdaq Composite, we can see that after bouncing on the 61.8% Fibonacci retracement level, the market started a strong rally towards the key 12274 resistance.

The break of the trendline of the bullish flag is also another confirmation that the buyers are in control and want to extend the rally possibly above the key resistance. The moving averages have crossed to the upside on the flag breakout and the trend now is firmly upwards. As the market now returns to the regular trading regime after the Easter Holidays, we may see the buyers trying a breakout again.

Nasdaq Technical Analysis

On the 4 hour chart below, we can see that after the rally stalled near the 12274 resistance and pulled back, it found support at the red long period moving average. The buyers piled in there and looks like the rally is restarting.

The NFP report is also being interpreted as goldilocks since the jobs market remains strong but the wage inflation keeps on moderating. The next big event is the US CPI report tomorrow where we may see another big rally if the data misses expectations.

On the 1 hour chart below, we can see that there’s a mini range between the 12100 resistance and the 50% Fibonacci retracement level at 11915. For the buyers a break above the resistance should give the conviction to target the 12274 level. On the other hand, the sellers are likely to jump onboard in case the price falls below the 11915 support and then target the previous swing low at 11650.