Recovery day for the NASDAQ index
The NASDAQ index is recovering nicely with a a gain of over 200 points. The snapshot of the index currently shows the index up 209.43 points or 1.82% at 11764. Yesterday the index fell by 159 points or -1.37%. On Monday the index fell -181.44 points or -1.53%.
The S&P index is currently up 32.81 points or 0.93% at 3578.22.
The Dow industrial average is lagging but is still up 78 points or 0.26% at 29498.10.
Looking at the hourly chart of the NASDAQ index, the low corrective price yesterday dipped below the 50, 200 hour and 50% retracement near the 11465.318 level, but found support buyers against the lower 100 hour moving average (blue line in the chart below). Holding that level gave buyers some hope in today’s gap higher has helped the sentiment. Stay above the 50 hour moving average at 11597.39 currently would keep the buyers more control.