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Nasdaq 100 regains the upper hand

Yesterday the rebound in the US stock markets was led by the Nasdaq 100. The tech sector index came back with a bang, but not until it has dropped back from a higher opening first. However, once that move from a low at 17,919 was reversed back through the opening high, at 18,063, there was no stopping it and it powered ahead into the close. The Nasdaq 100 reached a high at 18,228 and closed pretty much on that high too, ending the session at 18,219. That rebound and 267 point higher close went a long way in reversing the technically negative close it had put in place last Friday. That said, it is not out of the woods yet and will need to rise to fresh all time highs above 18,416, before we can reliably say that negative technical set up is defunct. Overnight the Nasdaq 100 futures have gained modestly and right now they are pricing the reopening for this afternoon at around 18,238 

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