The major US indices are still in the red, but they are nibbling the declines.
- The S&P hit a low of 3843.60. The current price is at 3870.65, down -29.85 points or -0.73%
- The Nasdaq index hit a low of 11403.32. The current price is at 11507, down -27.60 points or -0.23%
Looking at the Nasdaq on the hourly chart, recent lows from the past week found a low near a swing zone near 11316.92. The price attempted to lower yesterday but remained above this level (the low reached 11337). Today’s low at 11403 is even higher. So there is a downside stall.
On the higher side, I’d like to see a return above the 61.8% broken bar at 11564.43 to give buyers some extra hope on the upside.
Interestingly, Josh Brown on CNBC talks about a roaring move to the upside. It is still bearish but sees the Vix, new 52 week lows as reasons for its uptrend, especially with higher rates.