The NASDAQ index traded above the Monday high of 12855.15. The high price just reached 12860.30 but has backed off to 12847 currently. The index is still up 353.63 points or 2.83% on the day. The next target area on further upside momentum comes in at 13086 to 13199. The 50% of the move down from the November 2021 high is at 13388.68.
Last week, the price moved above the 100 day MA currently at 12310.70. That MA remains a key support target on the downside as well as a risk and bias defining level.
The Nasdaq is still -20.5% from the all time high from last November and -17.64% from the end of year. However, it is up 21.7% from the June low as well.
This article was originally published by Forexlive.com. Read the original article here.