Stocks trade higher on a rebound Friday

[forex4you]

Stocks trade higher on a rebound Friday

S&P index got close to its 20% down level but bounced   All The major US stock indices are taking a breather after falling sharply this week. The major indices are higher with the NASDAQ index leading the way with a 2.2% rise. A snapshot of the market 15 minutes into the open is showing:      Dow industrial average up 251 points or 0.80% the 31984.36     S&P index up 53.5 points or 1.36% at 3983.63     NASDAQ index up 260 points or 2.29% at 11632     Russell 2000 is up 41 points or 2.36% at 1780.43   Yesterday, the S&P index got within a few points of a 20% fall from the all-time high. Markets a move 20% from highs are considered in a bear market. The NASDAQ index which is fallen over 30% is already in a bear market. The inability to reach the- 20% level is given buyers some hope that the correction is over. Looking at the daily chart of the S&P, the fall did also fall short of the 38.2% retracement of the move up from the post pandemic low. That retracement level comes in at 3815.20. Holding above that level is also a positive from a longer term prospective.PS. the move lower post pandemic, saw the S&P plunge 35.41% to the March 2020 low before starting the bull run to the January 2022 all time high.  The correction off that high this year at around 20% is well short of that plunge.

Source: Stocks trade higher on a rebound Friday

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