Opened today above the MA but backed off. Now back above...
The Nasdaq has pushed back above the 200 hour MA for the second time today. The market opened above the MA level, only to run into sellers and the price came back down. This run above tests the buyers resolve. The MA comes in at 6873. Stay above is more bullish.
For the broader S&P index, the index is higher but has run into the 50% retracement on the hourly chart at 2573.38 and then the 200 hour MA at 2587.73. The high in the first hour of trading did get above the 50% level but fell short of the 200 hour MA.
So there is a bit of disconnect with the two broader indices. The tech heavy Nasdaq is breaking higher, but the S&P index has some work to do to convince more buying from a technical perspective.
