The major US indices are still in the red, but they are whittling away at the declines.
- The S&P reached a low of 3843.60. The current price is at 3870.65, down -29.85 points or -0.73%
- The Nasdaq index reached a low of 11403.32. The current price is at 11507, down -27.60 points or -0.23%
Looking at the Nasdaq on the hourly chart, the recent lows last week did find a low near a swing area near 11316.92. The price tried to move lower yesterday but stayed above that level (the low reached 11337). Today’s low at 11403 is even higher. So there is some stall on the downside.
On the topside, I would like to see a move back above the broken 61.8% at 11564.43 to give the buyers some additional upside hope.
Interestingly, Josh Brown on CNBC is talking of a rip roaring move to the upside. He is still bearish but looks at the Vix, the new 52 week lows as reasons for his bullishness especially with rates higher.