The Nasdaq has moved to a new session high and in the process is pushing closer to the 50% midpoint of the move down from the all time high. That midpoint comes in at 14383.79. The high price has reached 14308.82. A move above that level is a step in a more bullish direction.
On the move to the upside, the price has moved above a swing area between 14163 and 14211. That level will now be close support going forward. The prices trading above and below that area today, but traders have rebounded the index back above the area, and I would expect that if the buyers are serious about the break, the index should stay above.
Get above the 50% retracement and traders will look toward the highs from February near 14504.82. Above that and the falling 100 day moving average at 14660.02 would be targeted (blue line in the chart above).
Helping the market is signs of a cease-fire in the Ukraine war.
In other markets,
- Crude oil is moving back toward the lows and made a new post settlement low of over 104.39. It currently trades at $104.95.
- The price of bitcoin is trading at $47,900
- The Dow industrial average is still down on the day at -50 points or -0.14%, but is near the highs as well. The S&P is also trading back near it’s highs for the day up around 15 points or 0.34% at 4558.
- US yields remain mixed. The two year is up 5.8 basis points. The five year is near unchanged. The 10 year is down -1.1 basis points.