US stocks rebound modestly after yesterday's plunge

The major US indices are rebounding modestly after yesterday's plunge which saw the Dow lose over 800 points and the NASDAQ over 500 points. The NASDAQ closed down yesterday over 23% from its all-time high (as did the Russell 2000).

Looking at the daily chart of the NASDAQ index, it closed below its 38.2% retracement of the move up from the post pandemic March 2020 low. That level comes in at 12552.36. The price is trading above that level currently. The March 5, 2020 low at 12397.05 is the next downside target to get to and through. The low price yesterday stalled between those levels at 12490. A move below the area would open the door for further selling from a technical perspective.

Right now buyers are leaning against the area and rebounding to the upside.

A snapshot of the equity major indices five minutes into the open currently shows:

• Dow industrial average up 121.31 points or 0.36% at 33361.50
• S&P index up 19.56 points or 0.475% at 4194.77
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index up 95.86 points or 0.77% at 12586.61
• Russell 2000 up 4.875 points or 0.26% at 1895.35

In other markets:

• Spot gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term is trading down $14 or -0.74% at $1891.12
• Silver is trading up $0.10 or 0.46% at $23.58
• Crude oil is trading down $1.48 or -1.46% at $100.22
• Bitcoin is trading up about $1100 at $39,234

In the US debt market, yields are higher with the yield curve flattening a bit:

• 2 year 2.522%, +4.1 basis points
• 5 year 2.758%, +1.9 basis points
• 10 year 2.753%, +2.7 basis points
• 30 year 2.854% +2.2 basis points