The NASDAQ index is surging today, currently trading up 430 points (+2.48%) at 17,732.80, with an intraday high of 17,739.04. The index has rebounded sharply after forming a double bottom earlier in the week, with Tuesday’s low at 17,238.24 and a similar low at 17,239.44 in yesterday’s session. This technical pattern gave buyers confidence to step back in.
Overnight, the resolution of the U.S. budget deal that averted a government shutdown further fueled bullish momentum, allowing buyers to push higher. Even at today’s low, the index was still up 188.06 points, indicating strong upward pressure. However, the falling 50-hour moving average at 17,773.68 is now in play, which could act as initial resistance. The NASDAQ has not traded above this key technical level since February 20, making it a critical test for the current rally.
Despite today’s strong gains, the index remains down -2.58% for the week and is still -11.9% off its highs from the week of February 18. Earlier this week, losses exceeded 14% at session lows, underscoring the recent weakness. If buyers can push through the 50-hour moving average, it could signal a stronger recovery, but failure to break above may lead to renewed selling pressure.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about nasdaq index rises by 430 points approaches hourly moving average target was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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