The NASDAQ index saw sharp selling in the first hour of trading today, dropping nearly 500 points to a session low of 16,959.53. At the lows, the index was nearing key support from the 200-hour moving average (currently at 16,940) and the rising 50-hour moving average (around 16,959). Buyers stepped in at those levels, halting the decline and sparking a rebound.
The recovery has since pushed the index above a key swing level at 17,238.24, shifting the focus back to the 50% retracement of the move down from the December 2024 all-time high. That midpoint stands at 17,494.31. Yesterday, the index briefly moved above this level but failed to hold the gains into the close.
Near-term risk now sits at 17,238.24. Stronger support remains at the 50-hour and 200-hour moving averages. A break below both would shift control back to sellers and undermine the bullish momentum.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about nasdaq rebounds after early plunge eyes key resistance at 50 midpoint 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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