Nasdaq is surging after the triple bottom positive RSI divergence. After breaking the 13.910-14.150 resistances, now it is testing the 200-day moving average. Nasdaq fell more than %22 since the November top. Hawkish FED, Ukraine war, stagflation risks, and rising bond rates are the key drivers of that down move. Most of these risks are still in play but the momentum started the changed better for the index.
Percentage of members of Nasdaq Composite that are above their 200-day moving averages, break the 13-moths long downtrend, while Nasdaq getting ready to test the 200-day MA itself.
If Nasdaq can break the moving average, the broken uptrend may be re-tested in the medium-term, which, with consideration of time passage, is probably around 16.000 and the previous top. If rejected from the MA, once resistances 14.150 and 13.910 can be followed as support for short-term down moves. A step from these supports and a second try at the moving average is probable as long as supports hold.
