The S&P is back above the hourly MAs
The major indices continue to run higher. The S&P index moved up to 3300.52. That is a gain of 1.56% on the day. We currently trade at 3298.70, +1.53%.
The NASDAQ index traded up to 9431.566. We currently trade at 9424, up 1.63%.
Technically looking at the hourly chart of the S&P index, the run to the upside has broken back above its 100 hour moving average at 3289.107. Last week the high price on Wednesday stalled against that moving average on 2 separate occasions. The break above today is the bulls more control. Risk can also be defined against that moving average. Stay above is more bullish.
Looking at the NASDAQ index hourly chart below, on Friday the index closed below its 200 hour moving average. The last 2 times the 200 hour moving averages tested, the price bounced off of that level. So closing below was more bearish. However as we know, in trading yesterday the price gapped above that level at the opening and raced up to test its 100 hour moving average (blue line at 9300.09 currently). The 100 hour moving average stalled the rise yesterday. However, today is a different story. The price gapped above it at the opening and looks next toward its all-time high at 9451.432 (once again the high price today has reached 9431.56).
Buyers are back in control technically. It would take move back below the 100 hour moving averages to run the bias.
