Looks toward the highs from last week...
The Nasdaq is trading to a new session high - extending above the 7600 level. The index is up 43 points at 7601.09 as I type. The high reached 7606.32. The low for the day reached 7560.45. That was just above the close from yesterday at 7558.06.
Yesterday, the index stopped a 5 day losing streak that saw the price move from a high of 7643 to a low of 7332 on Friday. That move took the price below the 200 day MA. Yesterday's sharp run higher (Nasdaq up 2%) took the price back above the 200 day MA at 7481.72.
ON more upside momentum, the high from last week at 7643.65 will be targeted (PS that is the highest level since October 17th).
Drilling to the hourly chart, the price yesterday also moved back above the 50 and 100 hour MAs at 7515-7520 currently. That was a bullish play and a risk level for longs looking for more upside. Stay above is bullish. Move below should lead to more selling.
Buyers remain in control as traders scramble on the quick rebound.
