Nasdaq 100 kicks off with another positive opening

The Nasdaq 100 was the best performing major US index yesterday, as we noted earlier this morning. The index closed 456 points higher, at 29,414. It has just this minute officially reopened at 29,647.

Earlier today we noted how the next important correction level to the 1833 point fall seen last week was in place at 29,845. That is 50% of the fall from 30,762 to the low on Friday, at 28,929. The index has already retraced 38.2% of that fall when it passed 29,629 yesterday. 

So, the big question right now; is the recovery this week merely corrective and offering a chance for those to exit who did not last week, or a more dynamic recovery that will lead the index even higher than 30,762? To be honest we have an open mind on that, such has been the thirst for AI related chip and tech stocks, so we shall have to see. The Nasdaq 100 early price action is as usual rapid, whilst the market attempts to forge a direction. It has just traded as high as 29,690 and it is currently trading at 29,630