New all time high for the Nasdaq index above 9838.37
The "V" is complete in the Nasdaq index. The price just traded to a new all-time high price. The February 19, 2020 high reached 9838.37.
The run higher erased a -32.6% decline that saw the price move from a high of 9838.37 on February 19, to a low on March 23 at 6631.42. The price traded above and below the 100 day MA at the end of April into early May, buy moved above the level last on May 4th and has not traded below that moving average level since.
V for victory.
Of course the surprise job gains today certainly helped, but overall, the US stock market is bulletproof. Adams spoke to this idea yesterday in this post: "The simple case for buying everything right now."
PS Oh BTW the Dow moved up over 1000 or 3.8%
PSS The S&P is up 3% on the day.
