NASDAQ index extends back toward days highs

The NASDAQ index is leading the way to the upside with a gain currently of 186 points or 1.35%. At session highs the index is up 202.75 points near the start of the trading day. The low price today saw the index up 81.43 points. So buyers are taking back control.

Looking at the daily chart, the price today gapped above the 61.8% retracement of the move down from the all-time high. That retracement level comes in at 13873.09. The low price today reached 13842.13 but has bounced back above that level. Staying above it is more bullish going forward.

On the topside, there is a gap going back to April 5 and April 6 between 14032 and 14169.12. That is the next major upside target area for the NASDAQ index. Above that the swing high from March 2022 comes in at 14666.73.

Much is said about how high the NASDAQ has risen from the lows reached last year. On the topside, the current price is still 13.9% below the high price from 2021.

Today, the Dow Industrial Average is lagging with a gain of 153 points or 0.45%. The S&P is between the Dow and the NASDAQ with a gain of 41.61 points or 0.94%.

With more than half of the week over, the major indices are higher:

  • NASDAQ index is up 2.10%
  • Dow industrial average is up 2.01%
  • S&P index is up 1.87%

Last week all 3 indices closed lower.

This article was written by Greg Michalowski at Source