Nasdaq Composite Index Rebounds from Low, But Remains Under Pressure
The Nasdaq Composite Index saw a rebound from its low on Monday, but still remains below its retracement zone. The index traded as low as 26,709.69 before recovering to 26,904.69.
The main trend is up according to the daily swing chart, with a trade through 27,288.79 signaling a resumption of the uptrend. On the other hand, a break below 25,802.96 would change the main trend to down.
The minor trend is also up, but a trade through 26,706.14 would change it to down. The nearest support zone for the index is between 26,545.88 and 26,370.55, with the 50-day moving average at 26,197.21 serving as major support underneath.
Nvidia was one of the few big technology names holding its ground this afternoon, after raising its share-repurchase authorization by $150 billion. The company's move helped keep the Nasdaq Composite Index from looking worse, but the rest of the semiconductor names need buyers before anyone can call Monday's recovery more than a reaction to lower oil prices.