Back above the 100 hour MA
As the stock market works toward the close, the indices are ticking back higher.
The Nasdaq is currently trading at 7672.49. That is up 29.2 points. The move has taken the price above the 100 hour MA at 7666.52. A close above would keep the buyers more in control, with traders looking for confirmation by moving higher and away from the MA tomorrow. Helping to keep the buyers hopeful, is that the 200 hour MA held support at the low yesterday.
For the S&P, the pair has the same pattern except the price has been able to move below its 200 hour MA this week. Today, however, at the lows, the price could not get below that MA. The price is above its 100 hour MA and looks to test the topside trend line.. A move above each - and stays above is more bullish.
In each index, tomorrows trading will agian be key. Move away from the MAs is still eyed and it can go either way.
