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.