As trading in the US stocks has moved into the last hour, the NASDAQ index is currently leading the way with a 6.45% gain.
That came represents the highest percentage gain since April 2, 2020 when the stock market was whipping back and forth with huge changes to the upside and downside as result of the Covid lockdowns.
As a point of reference, the post Covid largest percentage gain was 4.06%. Given that the market was in a huge bull market from 2020 to the 2021 highs, the % gain today is quite impressive. Needless to say, investors piled in.
In an earlier post, I spoke to how the S&P index was moving above its 100 day moving average. That was a bullish tilt technically.
For the NASDAQ index, it’s 100 day average is still a good bit away at 11514.65. Getting above the moving average is needed to increase the bullish bias from a technical perspective on the daily chart for the tech heavy Nasdaq index.