200 day MA for S&P and 100 day MA for Nasdaq being tested.
As the market works toward the close, the index and NASDAQ index are testing their overhead resistance target.
For the S&P index, it's 200 day moving averages at 3048.18. The prices move back above that level and currently trades at 3050.74. The high price reached 3051.43
For the NASDAQ index its 100 day moving average comes and 8827.05. The high price just extended to 8828.242.
Closes above those levels are "bullish technically". However, with the fluidity of the coronavirus news and now central bank news, the bias can turn on a dime.
Of course markets like easing, but will central bank action slow the progression of the virus? Nope.
The virus has it's own momentum which may be more contained in China (according to them at least) but growing elsewhere. As a result, I would expect more volatile action, and should the central banks act, it takes a bullet away from them going forward. It may lead to buy the rumor and sell the fact price action.
PS. The Dow is up over 1000 points now. The high reached 26481.81. It remains below its 200 day moving average at 27240.69. Its 100 day MA is higher still at 28053.04.
