The NASDAQ index is moving to a new session high. The price reached 12398.85. The current price is up 32 points or 0.26% at 12397.19.
The move to the upside has the pair moving closer to a key retracement target at 12427.97. That level represents the 38.2% retracement of the move down from the all-time high going back to November 22, 2021.
Getting above the 38.2% retracement is the minimum retracement that would give buyers more confidence. Absent that, the corrective move is simply a plain-vanilla variety in the bearish market.
The other good news technically from the daily chart is that the price has been above both its 100 and 200-day moving averages since March 16 (blue and green lines on the chart above). Both those moving averages are also moving higher (positive slope). The 100-day moving average recently crossed over the 200-day moving average as well, which is a positive development.
Having said that, getting and staying above the 38.2% retracement would be an additional bullish development for the index.
A look at some of the major contributors:
- Nvidia up $6.50 or 2.25%
- Alphabet up $3.34 or 2.87%
- Microsoft up $4.05 or 1.31%
- Amazon is up $2.61 or 2.35%
- Apple is a laggard at unchanged.
- Meta is also lighting with a decline of $-1.21 or -0.51%
Meanwhile the Dow Industrial Average is a lagging as Nike, Chevron, 3M, Dell, Disney and HomeDepot weigh on the index.
