Nasdaq Moves Back Above Long Term Support

Most of today’s trading action was in the first hour, but a broad rally breakout held up all day. That’s the kind of breakout you want to see. If you’re following the 60-minute chart, you’ll see the Nasdaq didn’t give a sell signal until late in the day.

We’ve still got plenty of overhead supply to get through above. We’ll see how the index handles the 50 day moving average here. Two consecutive closes above will help the bulls.

It’s still one day at a time as usual, but the bullish case is looking better. The candlestick on the monthly chart is now back above crucial long-term support.