S&P tests 50 day MA. Nasdaq back above the 50 day MA
The stocks have soared on the US/China news. Are there any technical levels of interest?
Looking at the daily chart of the S&P, the index ran above the 100 day MA (blue line) at 2905.50, but is having some difficulty getting above the 50 day moving average at 2942.98. The high price has reached 2943.31 so far today.
For the NASDAQ composite index, it too raced above its 100 day moving average at 7940.639. Unlike the S&P index, however, it has been able to extend above its 50 day moving average at 8023.10. Last week, the index also moved above the level, but that break failed. Close risk for traders will be at that 50 day moving average level today. Stayed above keeps the bulls firmly in control in the Tech heavy Nasdaq index.