Nasdaq holds 2021 lows and bounces

The NASDAQ index moved to an intraday low of 12430.90 yesterday. That level was between the 2021 swing lows from January 4 at 12543 and the March 5 low at 12397.

Dip buyers between those extremes - ahead of the Meta and other earnings yesterday after the close - were rewarded with a higher opening today. The low price today was at 12487.86.

Another more positive development was at the price today moved above its 38.2% retracement of the move up from the 2020 post pandemic low at 12552.36.

Those developments from a technical perspective is giving the pair a boost today after falling nearly 15% from the swing low reached on March 29. The NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is currently up around 380 points or 3.04% at 12,869.82.

Some of the big cap names leading the charge include:

• Meta, up 19.06%
• Apple, up 4.2% ahead of earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term after the close)
• Microsoft up 2.13%
• Amazon up 5.1% (ahead of earnings after the close)
• Nvidia up 7.42%
• Intel up 3.48% (ahead of the earnings after the close)
• PayPal is up 11.33% (it announced earnings after the close yesterday)
• Netflix up 5.94%

What next?

Event risk remains as Apple and Amazon report along with Intel, US Steel, Robin Hood, and Roku. Tomorrow Exxon Mobil, Chevron, Bristol-Myers Squibb, Phillips 66, Honeywell all report before the opening.

Technically, the holding of the 2021 lows in the inability to extend much below the 38.2% retracement is giving the dip buyers some comfort. At least, those traders looking for a rebound know where their stops can be set (below 2021 lows - or a decline of 3.4%).

On the topside, drilling to the hourly chart below, the 38.2% retracement of the move down from the last swing high on April 21 comes in at 12919.78. That would be the next target to get to and through. Above that is the 50% midpoint of that move at 13070.80. The falling 100 hour moving average is up at 13255.73. All those targets would give the buyers more confidence for a move up toward the swing high April 21 near the 200 hour moving average at 13709.19 (that would representing 6.3% gain from current levels).

If traders are lucky, they get good earnings news out of Apple or Amazon or both.