LIVE MARKETS-Nasdaq composite in a high-hurdle face-off

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

NASDAQ COMPOSITE IN A HIGH-HURDLE FACE-OFF

On Thursday, the Nasdaq composite .IXIC rallied to an intraday high of 18,096. With this, the tech-laden index hit its highest level since March 26, and neared a stiff resistance zone on the charts. It then backed away to end at 17,928.14:

Indeed, similar to the S&P 500 index .SPX, the composite faces a tough resistance zone that runs from the Fibonacci-based 233-day moving average (DMA), which should be just over 18,250 on Friday, the March 25 intraday high at 18,281.13, and the closely watched 200-DMA, which should be around 18,315 on Friday.

Of note, the IXIC's early-to-late March rally stalled within the zone defined by the 233- and 200- DMAs.

With U.S. stock index futures subdued in choppy trading on Friday, traders will be watching to see whether the composite will be able to muster enough momentum to clear its hurdles.

Closing above this resistance may suggest the composite, which is already up more than 17% from its April 8 close, may be poised to get a second wind.

The January 13 low was at 18,831.91, and resistance line from the December peak is now just shy of 19,900. The December record intraday high was at 20,204.58.

On a retreat from the resistance zone, initial support is at the May 7 low at 17,503.01. The May 1 gap requires a fall to 17,483.82 for a fill, and the descending 50-DMA should be around 17,355 on Friday.

Closing back below the 50-DMA can inflict noticeable damage to the recovery with the next support at the April 30 low at 16,959.53.

(Terence Gabriel)

FRIDAY'S EARLIER LIVE MARKETS POSTS:

THE BRIGHT SPOTS IN UK DOMESTIC STOCKS CLICK HERE

EASING IN EUROPE EASIER THAN US CLICK HERE

DAX HITS NEW RECORD ON TARIFF OPTIMISM CLICK HERE

EUROPE BEFORE THE BELL: SENTIMENT HELPED BY US-UK TRADE DEAL CLICK HERE

US-CHINA TALKS STIR HOPE, AND SCEPTICISM CLICK HERE