Holds above 100 hour MA and swing area. More work today
The S&P index held its 100 day MA at 2709 on the move lower today and the index is now up at 2729 and up 0.17%.
What about the Nasdaq?
Looking at the daily chart above, the price held support at the 7319 area. That was the high from April and was also near the low from April 15th. The low today got as low as 7334 before moving higher. Admittedly, it was not exactly on the edge of a cliff, but looking at the hourly chart, it could have headed there with a little bigger push to the downside.
Drilling to the hourly chart below, the price low today, did get closer to the 100 hour MA (currently at 7342.85 - blue line). A break below that line would have taken the price below the 100 hour MA for the 1st time since May 4th and would have made the technical picture more bearish.
That was not to be. As a result, the price has moved higher.
Is it full steam ahead now?
Not really (or at least not yet).
Looking at both the daily and hourly, there is still work to be done.
On the daily, a topside trend line cuts across at 7429. Getting above that level and staying above would be more bullish.
On the hourly, the recent highs at 7432 and then 7458 would open the door further to the upside.
So overall, the selling today in the S&P and the Nasdaq did find buyers ahead/around key support, but there is work to be done to break to more greener/bullish pastures.
