Can the price break and stay above the key MA level
The S&P index is currently up 39 points at 2721. That takes the price above the 100 hour AM at 2715 and 21781.82 but just barely (blue and green lines). Nevertheless it is trading above those levels.
If the price can stay above, it opens the indices for move upside with the 38.2% at 2732 and a topside trend line at 2754. Above that the 50% of the move down comes in at 2771.70.
If the break above the MAs fails, the buyers may quickly turn back to sellers. Be aware.
So bulls are making a play in the broader S&P index. We will see if the Q&A can keep the momentum going.
For the Nasdaq, the index has moved above its 100 hour MA at 7189.44. However, it is still just short of the 200 hour MA at 7261.78. The high has reached 7231.26. If the price can get above the 200 hour MA, the bulls would take more control.