US Technical Analysis Report

Russell 3000 Traded Lower, One NASDAQ-Listed Stock Building Positive Momentum – OM

May 05, 2023 12:00 AM PDT

Company Overview: Outset Medical, Inc. (NASDAQ: OM) is a medical technology company that deals in the Tablo Hemodialysis System (Tablo). This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendations on this one stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started on a bearish note and traded with a negative bias for the entire week. The index made a low of 2318.774  during the week, and it settled at 2326.891 with a week-to-date (WTD) loss of ~2.61% percent on May 04, 2023. Other major indices, such as S&P 500 and NASDAQ Composite, also witnessed negative WTD movement. On May 04, 2023, the S&P 500 index settled at 4061.23 with a WTD loss of ~2.60 percent, while the NASDAQ Composite Index settled at 11966.398 with a WTD loss of ~2.13 percent.

As per the latest release by the U.S. Department of Labor, the weekly unemployment insurance claims numbers increased to 242k compared to the 229k (revised level) in the prior week and acted as a catalyst for the downside movement.

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