NASDAQ index got within 17 points of 50% midpoint target
The NASDAQ index traded as high as 178.60 points to 13154.29. The price just reached a new session low at 12968.12. The current price trades at 12980 up 4.59 points or 0.04%. At session laws, the price was down -7.57 points.
At the session high today (at 13154.29), the price got within 17 -18 points of the 50% midpoint of the move down from the all-time high reached in November 2021. Sellers leaned. Getting above that level – and the swing high going back to August 16, 2022 at 13181.09 – are the next key targets to the upside for the index.
On the downside now the 12,756.23 level was the swing high from May 22. That level was broken on Friday with momentum. Moving back down toward that level is certainly not out of the question. Will below would have traders targeting the 38.2% retracement of the move up from the April 26 low at 12636.48
Nasdaq has room to roam to the downside on a correction