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S&P trades to new highs, backs off.


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Nasdaq and Dow up nicely too

The S&P index moved to a new high of 2983.85 (currently at 2981). The index is up aourn 0.67% on the day. The Nasdaq is doing better at up 0.87% at 8009 after being as high as 8012.16 on the last run higher.

Technically for the S&P, the index moved down to test its 50 day MA in trading last week, but was able to find support buyers against the level and bounce (white MA line in the chart above). The 50 day MA is currently at 2948.94. The price at 2981 area is a little short of the midpoint between the 50 day MA below (at 2948) and the all time high print up at 3027.98 (midpoint at 2988).
Drilling to the hourly chart, the run higher today is running into overhead resistance defined by the 50 hour MA (white line) at 2982.69 and the 100 hour MA at 2991.89 (blue line).   The pair is also testing a topside downward sloping trend line at the same level of the 50 hour MA.  
The hourly resistance is giving traders some cause for pause at the highs.  A move above the trend line, the 50 hour MA and then the 100 hour MA (blue line) at 2991.89, would push the bias more firmly in the bullish direction. Until then, this could simply me a correction into overhead resistance.
Overall, the bounce off the 50 day MA on the daily is a bullish play. However, there is work to do on the hourly chart to tilt the bias more to the upside…

For the Nasdaq, the him picture is less bullish. Looking at the daily chart, the price did move above back above its 100 day moving average at 7962.59. However still remains below its 50 day moving average at 8037.796. It will take a move back above the 50 day moving average to give buyers more upside confidence.

 ForexLive

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