Nasdaq 100 backs away from above 20k in early trading

As expected, the US stock markets have just opened higher, with gains across all three major indexes. The Nasdaq 100 reopened today at 19,986 after closing last night at 19,786. The early push higher has seen it rise to 20,027 so far. Once again the reader is reminded of an important technical level, at 20,052. That level represents a 61.8% correction of the fall from 22,222- to the April low, at 16,542. This is a pretty important level that the index could not vault yesterday, when it topped out at 20,024. Well, as you can see, it has just topped it today, but it remains to be seen, if the index can reach that 20,052 price point. The Nasdaq 100 is right now at 19,958