Market Bounces, But How High?

On Thursday, the market market tested lower, undercutting Wednesday's low, but then it rebounded in the second hour of trading and closed near the highs of the day. The day's action may represent a bounce off of the 10 SMA will establish a new short-term support level. If so, then the market can potentially regain its recent new highs. The last high for the Nasdaq was 4,277.

The S&P rose +10 points (+0.60%) and the Nasdaq climbed +26 points (+0.70%). Advancing stocks outpaced declining stocks by 3.6 to 1. Up volume beat down volume by 3 to 1. Volume on the Nasdaq was stronger than Wednesday's volume, but volume on the S&P was weaker.