Retracing some of the declines from yesterday
The NASDAQ index is now up over 1%. The index is up 155 points or 1.09% at 14410.74. The high price has reached 14419.76. That closes the gap from yesterday's sharp decline that saw the index move down over 2%.
Looking at the daily chart above, the price decline yesterday saw the pair moved down to a low of 14181.69. That was just above the swing low from July 19 at 14178.66. The price also broke below the 50% retracement of 14199.22, but could not stay below that key downside target. Technically, support held near those target levels.
The bounce today - along with the support hold yesterday - gives the buyers some comfort. However, the 100 day moving average above at 14520.98 remains a key upside target that if the buyers are to resume control in the US stocks, getting above (and staying above) that key moving average is important.
PS The Facebook whistleblower Frances Haugen is testifying on Capitol Hill. Shares of FB are trading up about 0.97% at $329.39.