last week NASDAQ composite fell approximately 300 points. Yesterday it rallied nicely beyond 61.8 % fib retracement.
next the daily chart of NASDAQ composite Heikin - Ashi chart (to remove noise)
the 200 day Simple moving average was recovered and most importantly the 7500 level was retaken
the below chart is the 5 min chart for yesterday.what a trend!!
the last chart is QQQ ETF and before that IWM ETF (russell 2000). Good solid candles but not good volume
Overall the last week action was decisively defeated in one day trading yesterday
IBD says this "Volume in Boeing was more than eight times its average, and it single-handedly accounted for an increase in NYSE volume. Nasdaq volume fell. Advancing stocks led decliners by a 10-3 ratio on the Nasdaq and by nearly 4-to-1 on the NYSE."
"The IBD 50 rose 2.2%, with several stocks rising from pullbacks to their 10-week moving averages."
IBD continues, "On Monday, the Nasdaq composite rose 2% and the S&P 500 index advanced 1.5%, both reclaiming their 200-day moving averages. The Dow Jones rallied 0.7% even with Boeing(BA) falling 5%, though that was well off its 13.5% intraday loss."
"Even better, growth stocks were big winners, with software stocks among the champions. Software is rated No. 1 out of 33 sectorstracked by IBD, rising 22.4% so far this year alone.
Over all it is good start for the week
Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in QLD over the next 72 hours.