Interesting juncture: Today's high and the two moving averages all less than a point from each other. pic.twitter.com/3fN42iRazp
— Walter Deemer (@WalterDeemer) March 9, 2021
Today’s Chart of the Day was shared on Twitter by Walter Deemer (@WalterDeemer). It’s a daily bar chart of the Nasdaq 100 ETF, $QQQ, over the past seven months. The Nasdaq rebounded in a big way today, clawing its way out of correction territory. $QQQ jumped 3.94%, booking its best day since the Presidential Election. Also, it outperformed the S&P 500 by the widest margin since the March 23rd low, nearly one year ago. Walter points out that today’s rally brings price to an interesting juncture at the 13 and 63-day exponential moving averages. Did today’s rally confirm a meaningful low in the Nasdaq? Or, was this simply a relief rally within a new downtrend?