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Stocks rebound. Dow still down but Nasdaq/S&P positive and make new highs


The major US stock indices are moving to new session highs. The Dow industrial average is still down on the day, but the S&P and NASDAQ index are both in the black and trading near highs.

A snapshot of the market currently shows:

  • Dow industrial average -21.66 points or -0.07% at 31853.07
  • S&P index +17.4 points or 0.44% at 3977.42
  • NASDAQ index up 97 points or 0.82% at 11995.23
  • Russell 2000 is still negative at -6.67 points or -0.36% at 1821.14
Nasdaq looks toward 38.2% retracement

Looking at the hourly chart of the NASDAQ index the next target comes in above at 12124.37. That is where the 38.2% retracement of the move down from the March 30 high cuts across. IF the buyers are to take more control, getting back above the 38.2% is the minimum retracement target to get over the plain-vanilla correction hurdle. Absent that, and the rebound is just a normal correction in bearish market.

On the downside, staying above the swing highs from June 27 and July 8 near 11677 and 11754 would keep the buyers in play.

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