NASDAQ index moves closer to unchanged on the year

Technical Analysis

Only down -0.8%

The NASDAQ composite index is getting closer to its year and level at 8972.60. The price has just traded up to 8902.168. That puts the index around -0.8% from the unchanged level.

The NASDAQ index fell some 32% from the February high to the March low.  The rebound is certainly impressive in such a short time.

On Monday, the price gapped above its 100 day moving average. Yesterday with the late day selloff, the price close back below that moving average, but today the sharp move higher on the opening has taken the price back above that key moving average. Going forward it would take a move back below the 100 day moving average to hurt the bullish technical bias. 

The NASDAQ index is getting closer to the year-end level

After the close Facebook and Microsoft will release their earnings. Microsoft and Apple will be released earnings tomorrow. Each of those stocks are certainly important for the NASDAQ index going forward.

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