Resistance above still needed to be maneuvered
The S&P and the Nasdaq each moved below technical support today, but each has since recovered.
Looking at the S&P Index, the pair moved above topside trend line (currently at 2054.21) on Wednesday's gap move. The gap was filled today and the price fell back below that trend line. However, the index has pushed back higher and currently trades at the 2060 area - above the trend line (2054.21). Stay above and the highs from December at 2104.27 and November at 2116.48 would be the hurdles.
For the Nasdaq composite, the bearish move lower today, took the price back below the 200 day MA at the 4861.39. The gap from Wednesday was filled at 4849.31 (the low today was 4749.78). The price has since moved back above the 200 day MA and trades at 4880 area.
The next hurdle for the buyers is to get and stay above the topside trend line connecting the highs from December. That line cuts across at 4804. The high today stalled at 4897.66.
