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NASDAQ erases the declines on the day

NASDAQ index is trading back in the black

The major  indices  have erased their earlier declines on the day and are trading in positive territory.

  • Dow industrial average is near unchanged at 31833
  • S&P index is also near unchanged at 3936.15
  •  NASDAQ  index is currently trading up 54 points or 0.49% at 11420
  • Russell 2000 index is up 20.92 points or 1.22% at 1739.06

The NASDAQ index reached a low price of 11108.76. That took the index down -31.48% from its all-time high. Back in March 2020, the NASDAQ index fell -32.04% on the back of the pandemic shut down. The decline from the high got within about 0.5% of that equivalent percentage fall. It is enough to lead to a squeeze higher?

Watch the 11449.29 level. The high price so far reached 11452.04 just above that level. That is the 50% midpoint of the move up from the March 2020 low. More momentum above that level could lead to a further squeeze to the upside on dip buying. Stay below and the sellers remain in full control.

Trading analysis offered by RobotFX and Flex EA.