Key target along with the 50% at 2643.75 are eyed by bulls and bears
The S&P index is moving closer to the 50 Day MA. The pair is trading at session highs (up 6 points at 2622.10). The 50 day MA is at 2626.52 today. Yesterday, when the MA was at 2628, the high reached 2625.
The 50 day MA is a key target that has had only 1 close above since October 10th. Another level of importance is the 50% retracement of the move down from the September high. That level comes in at 2643.75.
For bulls and bears, each of those benchmark levels are important for the intermediate technical picture. Hold, and the correction higher may have run it's course. Move above, and more and more traders might scramble to get re-invested.
How does the Nasdaq index look?
For it, the price moved above its 50 day MA on Tuesday. The MA comes in at 6983. The low today reached 7003. The index currently trades at 7044.
The 50% retracement from it's 2018 all-time high comes in above at 7148.77. Stay above the 50 day and that level will be eyed as the next key target.
