Market Makes Intraday V Reversal

Today, the market surprised with a V-type hourly reversal off the Nasdaq 4,100 level. The Nasdaq Composite climbed +69 points (+1.69%, the S&P shot up +19 points (+1.08%), and Dow advanced +115 points (+0.71%). Volume was lower than Monday's volume. Advancers beat decliners by 2 to 1, and up volume outpaced down volume by nearly 4 to 1.

The Nasdaq and S&P both closed back above their respective 10 daily SMAs. The Nasdaq set a new price high, but the S&P and Dow both closed below Monday's high. For this reason, along with the lower volume,  the market has not completely shed Monday's sell off. But the day was encouraging for the bulls, and the tech heavy Nasdaq is still the leading index for the market.