…but above 100 day MA
The 50 day MA in the Nasdaq is up at 8048.52. The high today reached 8036.94. A break above (and staying above) would be more bullish technically for the index. NOTE: Earlier in the month, the price moved above the 50 day MA but momentum failed and the price moved lower.
The bullish technical development is that the index stalled near the 100 day MA yesterday (at the lows). Stay above it, is more bullish. The rising 100 day MA today is at 7954.26.
With the price currently at 8026.14, the Nasdaq index is stuck between the 50 day MA above and the 100 day MA below and waiting for the next shove.
Drilling to the hourly chart below, the index it is also between MAs and waiting for the next shove higher or lower. The 50 hour moving average and 100 hour moving averages are converged at around the 7917 level below. On the topside its 200 hour moving average is up at 8080.96. We currently traded 8026.14 – between the levels.
For the S&P index, the price is also between it’s 100 day MA below at 2909.91, and the higher 50 day MA above at 2909.91. The price is currently at 2925.73. The technicals are a little less bullish in that it’s price traded below the 100 day MA yesterday, before bouncing back above the MA today. Nevertheless, the bulls and bears will get the next bias clue from a break of either MA.