The NASDAQ index is ignoring the sharp rise in yields today. The 10 year yield is now up 10 basis points at 4.672%. The two-year is up 6.4 basis points at 5.110%.
For the NASDAQ index it’s now up over 1%. The index is trading at 13358.59. That’s up 140 points or 1.06% on the day.. The price is approaching the high from Friday’s trade at 13382.98.
Technically, the price is back above its broken 38.2% retracement of the last move up from the March 13, 2023 low at 13123.40. Recall from last week, the price fell below that retracement level on its way to a low price of 12963.16 before rebounding higher on Thursday back above the 38.2% retracement level. Staying above the 38.2% retracement gives the buyers some hope for further upside momentum going forward. On the top side, however, the 100-hour moving average at 13534.28 (blue line in the chart above) needs to be broken to give the buyers even more confidence. Above that is a 50 day moving average at 13724.01 (black line on the chart above
This article was written by Greg Michalowski at www.forexlive.com. Source