The major US stock indices are holding most of the gains for the day, but off highs as well. Nevertheless, the Dow is within 140 points from the closing level last week (closed at 31338.16 last week). The Nasdaq is back above its 200 hour MA.
Looking at the hourly chart of the Nasdaq index, the 200 hour MA is at 11358. The current price is at 11372 up 121 points on the day. The 100 hour MA is at 11322. Traders will be watching those levels for short term bias clues today and going into the weekend. Stay above is a more bullish bias in the short term. Move back below and there would be some liquidation on the failed break.
NASDAQ index is trying to stay above its 200 hour MA
