The major US stock indices are closing the day near the highs for the day. The gains were led by the NASDAQ index which rose over 1.7%.
A snapshot of the closing levels shows:
- Dow Industrial Average 415.12.41.26 percent at 33274.14
- S&P index of 58.50 points or 1.44% at 4109.32
- NASDAQ index up 208.43 points or 1.73% at 12221.90
For the calendar month, the NASDAQ index led the way with a gain of 6.69%
- Dow industrial average rose 1.89%
- S&P index rose 3.51%
- NASDAQ index rose 6.69%
For the first quarter, the NASDAQ index led the way with an oversized gain of 16.77%. That was the largest percentage increase since the 2Q of 2020 when the index rose 30.63%. You have to go back to the 1Q of 2012 to have the next largest percentage gain for quarter.
- Dow Industrial Average squeaked out a small gain of 0.38%
- S&P index rose by 7.03%
- NASDAQ index rose by 16.77%
Looking at the NASDAQ daily chart, the price is within 49 points of the most recent highs going back to September 12, 2022 and February 2, 2023 near 12670.
A move above that double top would have traders targeting the 38.2% retracement of the move down from the November 22 2021 all-time high. That retracement level comes in at 12427.97.
NASDAQ indexes within 50 points of double top at 12270