​​​Nasdaq 100 stages dramatic rebound​Yesterday saw a huge rebound off the lows of the session. Crucially, the price rebounded and held above the 200-day simple moving average (SMA), currently 17,794.​The index is already down 12.5% from its record high of July, having been almost 17% down from that high at yesterday’s lows. This is the biggest pullback since October 2023, and may mark the low for the time being.Nasdaq 100 Daily Chart
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​​Dow moves off the lows​This index also recovered from the lows, though the bounce overnight has been more muted.​Bulls will want to see a move back above 39,200, which would put the price back above yesterday’s close, and also above the 100-day SMA.​A close below 39,000 would mark a bearish development, and raise the possibility of a test of Monday’s lows and then the 200-day SMA, currently 38,147.Dow Jones Daily Chart
of clients are net long.
of clients are net short.
Change in
Longs
Shorts
OI
Daily
11%
-13%
-4%
Weekly
33%
-25%
-9%
​​Dax rally stalls​The overnight bounce has struggled here too, and notably the price is currently unable to hold above the 200-day SMA.​A close back above the 200-day SMA would help reinforce the view that the price has bottomed, and could see a steady recovery over time.​Further declines below 17,300 bring yesterday’s low at 17,000 back into view.DAX Daily Chart
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