The NASDAQ Composite Index has broken back above the 200-day moving average (green line on the chart at 18,320.79) and 100-day moving average (blue line at 18,476.49) —a technical development that marks a shift in the medium-term trend. These MA levels were broken for the last time (to the downside) on March 6 and had not traded above since that day. The price gapped above the MAs today off of the weekend news.

The NASDAQ index is currently up 630.2 or 3.5% at 18557.63 above both those moving averages

With the index breaking back above those MAs, they become the bias-defining levels today and going forward. Staying above is more bullish with a swing area between 18599 and 18832 as the next area to get and stay above (see yellow area on the chart above). A move above those levels takes the price back into the all-time upper extreme that peaked at 20204.58 back on December 16, 2024.

Summary:

• 100-day and 200-day MAs between 18320.88 and 18,476.49 have been broken.

• Bullish bias now in place with buyers in control above the moving averages.

• Key upside targets are between swing area at 18598.87 and 18831.91

The S&P index has also broken above its key 200-day moving average at 5750.18 and it’s 100 day moving average at 5773.64. The current price trades at 5811.31 up 151.42 points or 2.67%. There is a swing area between 5782.02 and 5878.47 which if broken would take the price into the upper all-time extreme that peaked at 6147.43.