The Nasdaq Composite COMP, +0.85% has been a bit late to the broader market’s bullish party, but it finally crossed above its widely followed 200-day moving average (DMA) for the first time in a year. The index was up 0.5% at 11,575 in recent trading, while the 200-DMA extended to 11,506.80. The 200-DMA is view by many chart watchers on Wall Street as a dividing line between longer-term uptrends and downtrends. The last time the Nasdaq Comp closed above that line was Jan. 14, 2022, when it closed at 14.893.75. It has tumbled 22.3% since then. In comparison, the S&P 500 SPX, +0.27% first closed above the 200-DMA on Jan. 13, fell below it again, and has been above it since Jan. 20. The technology-heavy Nasdaq 100 NDX, +0.86% closed above the 200-DMA on Thursday for the first time since April 4, 2022. The Dow Jones Industrial Average DJIA, +0.19% has closed above its 200-DMA since Nov. 10 and the NYSE Composite NYA, -0.03% has closed above it since Jan. 4, after seesawing around it in November and December.
This article was originally published by Marketwatch.com. Read the original article here.