Nasdaq 100 Bounces Nicely Off Its 50-DMA

Includes: DIA, QQQ, SPY
by: Bespoke Investment Group

Even though the S&P 500 and Dow were down yesterday, the Nasdaq-100 (100 biggest stocks in the Nasdaq) was up 0.12%. As shown in the chart below, the Nasdaq-100 traded lower with the overall market at the open, but held support at its 50-day moving average and bounced back strongly. The ability of the tech-heavy index to hold its 50-day on a day when the overall market was down is a positive sign going forward.