New York, N.Y. (PPD) — On Tuesday, the NASDAQ Composite (^IXIC) closed above its 200-day moving average for the first time since March 6, after rallying +323.32 points; or +3.95% to close at 8515.74. The 200-day moving average began the day at 8398.
The 50 day moving average has been declining since shortly after the market selloff began in late February and stands at 8418.
Prior to March 6, the last time the NASDAQ traded below the 200 day moving average was May 31, 2019. At that time, it closed below its 200 day MA for merely 2 days. At the end of May, 2019 the 200 day MA was at 7525.
The NASDAQ composite has rallied +15.5% over a 6 day stretch of consecutive gains. On March 23, the NASDAQ, the Dow Jones Industrial Average (^DJI), and S&P 500 (^SPX) all hit closing lows for the current sell off.
At today’s close, the NASDAQ has rallied +24% in three weeks since those lows. The S&P 500 and DJIA each remain at least 5% below their 200 day MAs.