The Nasdaq 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%.