Nasdaq pushes back higher and looks to test the key retracement once again

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 has retraced the move lower and has made a new high for the day as the buyers and sellers continue the battle.

The run back to the upside has also returned to, and now through, the July 22high (at 12093.02), and is within sniffing distance of the 38.2% retracement from the March29 high as well at 12124.37. The high just reached 12104.58.

If the price can get and stay above the 38.2% retracement it would be good news for the buyers. The swing high from June 2 at 12320.12 would be the next upside target.

First things first, get above the 38.2%. Key target to get to and through to prove the buyers have the conviction to move higher.

The Dow Jones up 224 points or 0.7% at 32422 and the S&P is up 30 points or 0.75% at 4054. The Russell 2000 is up 13.14 points or 0.71% at 1861.

US yields remain down but off there lowest levels:

• 2 year, 2.887% with a low for the day of 2.818%
• 10 year 2.683% with a low for the day at 2.619%
• 30 year 3.001% with a low for the day at 2.970%

The JPY remains the biggest gainer on the day. The USDJPY is down -1.58% on the day. The EURJPY is the biggest mover with a decline of -1.95%. The AUDJPY is down 1.88%.