As the Nasdaq nears the key 9,000 price level again for the second time since the coronavirus crash, the IBD Live Team discussed what this means for investors amid the new stock market rally.
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On Thursday's episode, the Team assessed the recent back-and-fourth action and resistance on the Nasdaq as the major index re-approaches the all-important 9,000 price area for the second time since March 3.
The Nasdaq reclaimed this key 9,000 price area once already on April 29, as the index traded up to a high of 9,145 in after-hours trading. After meeting strong resistance, the Nasdaq retreated momentarily, trading mostly sideways this past week. However, it reached this key area once again during the trading day on Thursday.
As the current stock market rally took a pause to digest new economic data and corporate earnings this week, stocks could see further gains upon the Nasdaq breaking out and holding above this key 9,000 level.
These key price levels serve as good gauges for whether investors should be buying, selling or holding at this time. Investors should learn to make sense of charts and trend lines. You can use them as tools to take advantage of stock market corrections like the coronavirus crash and recovery.
Watch today's IBD Live video recap for further analysis of Thursday's market action as well as the big picture overview of the current market uptrend.
Join IBD experts as they analyze the current stock market rally and stocks to watch on IBD Live daily.
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IBD Live is an interactive broadcast where market writers and portfolio managers watch the market action and discuss the day's top trade ideas and portfolio tactics. Listen to their conversations, see their screens and ask them questions — all in real time.
The next episode starts Friday at 9:20 a.m. ET and runs through the first hour of trade. Watch for more actionable setups and analysis of this week's coronavirus news.
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