The low in the NASDAQ stayed above the swing low from last week
The US major indices have rebounded off there lows and trade near highs for the day. Having said that the major indices are still lower on the day with the NASDAQ index leading the declines at around -1%. That is much better than the premarket low which traded is down as -3%. The low percentage decline once the market opened was -2.31%.
A snapshot of the current market currently shows
- NASDAQ index -100 points or -0.91% at 10949. It's low price reached 10795.52
- S&P index is currently trading down 15.3 points or -0.45% at 3370.40. That is just off of the high at 3370.44. The low price reached 3330.39
- the Dow industrial average is currently down 56 points or -0.20% at 27977. It's a low price reached 27647.93
Technically for the NASDAQ index, it's a low price stayed above the low price from last week at 10728.03. The low price reached 10795.519 today. On the topside, the index is approaching its 50 day moving average at 10991.84. Traders will be eyeing that level for bullish/bearish clues. A move back above the level would be more bullish for the index.
For the S&P index, it's low for the day moved below the 50 day moving average at 3339.83 (the low for the day reach 3330.39), but rebounded back above that level. With the price currently trading at 3369.40, it is safely back above that moving average level.
