Still down over 4%
The NASDAQ composite index has moved to a new session high at 8224.32. Although the current price is still down -362 points or -4.22%, it is well off the session lows of 7946.86. At the low the NASDAQ index was down -7.33%.
Looking at the daily chart below, the swing low from February 28 came in at 8264.159. That will be an upside target on further momentum today. Also above is the 200 day moving average (green line at 8419.16). If the price can retraced back above that 200 day moving average, that might give shorts cause for pause.
A potential support for stocks may be what comes out of Washington later today. Pres. Trump who is traveling back from Florida is scheduled to meet with his economic advisers. Do they come out with something meaningful? The Fed has held steady in the face of the over 7% decline earlier today, but the market is expecting rates to head toward 0%.
