Tests 100/50 hour MAs and stalling
The US major indices are higher, but they are also running into upside technical resistance.
Looking at the S&P index on the hourly chart, the price moved up between its 100 hour moving average at 2895.56 and 50 hour moving average at 2901.09 and stalled. The hi price reached 2898.79.
For the NASDAQ composite index, the dynamics of the same. It’s high has so far reached 7916.829. That fell between the 100 hour moving average at 7912.688 and the higher 50 hour moving average at 7933.208.
If the market is going higher, the prices of the indices need to reach the upper 50 hour moving average levels. So far, sellers are using the level to lighten up after the higher open.