200 hour moving average at 13451.186
The NASDAQ index has continued the move to the upside and in the process has gotten close to testing its 200 hour moving average. That moving average currently comes in at 13451.186. The high price just reached 13449.738.
Last week, the price moved above the 200 hour moving average on two separate occasions (on Tuesday and Wednesday). On Tuesday, the price closed below the moving average level. On Wednesday, the price broke and closed above the key MA, but gapped lower the next day, and continued the run to the downside - bottoming in the first hourly bar on Friday at 13039.45. That was near the swing low from March 10 at 13035.44.
It will take a break above and stay above for the buyers to take back control from the sellers on the hourly chart.
PS From the high on Feb 16, the Nasdaq index is still 5.16% from the high.
