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Nasdaq corrects to its 200 hour MA and backs off


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200 hour MA at 7977.07 currently. High reached 7978.09 today

The Nasdaq index fell below its 200 hour MA for the first time since March 8th yesterday and that led to more momentum lower. The correction into the close retraced near that MA line (green line in the chart below) but time ran out/the price close below the MA level.

Today, the price opened lower but retraced into positive territory. The 200 hour MA is at 7977.09 currently. The high price reached 7978.09. Close enough.  Sellers are a bit reluctant to take the price back above that MA level.  
That 200 hour MA will be a barometer for the the day. Stay below keeps the bears hopes alive. Move above and it looks like March 8th.  
In the forex market, if the price does run higher, that should give risk on pairs a boost (like the AUDUSD and NZDUSD potentially). The USDJPY should benefit (weaker JPY) for the same flow reasoning.  However, take note that there is a lot of time before we get any concrete results from the trade meetings. 
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