Nasdaq up 2.42%
The US stocks continue the run higher with the S&P up 1.8% now and the Nasdaq up an even greater 2.42%.
Looking at the hourly chart of the Nasdaq, the price has retraced greater than 38.2% of the move down from the October 1 high at 7592. The price is at 7613 currently.
The price is also above the 50 hour MA (white line in chart above) for the first times since October 3rd. That MA comes in at 7572 now.
Targets on the topside include the 50% midpoint of the move down comes in at 7690. The lagging 100 hour MA is up at 7789 currently. Close risk is the 50 hour MA now (at 7572). Earlier today, the Nasdaq moved above its 200 day MA at 7508.
For the S&P, the price is above its 38.2% retracement of the move down at 2798 (see chart below), but remains below its 50 hour MA at 2813.73. The price currently trades at 2802, up 1.88%.
Like the Nasdaq, the S&P moved above its 200 day MA earlier in the day at 2767.05. That improved the technical view and has helped lead to the push higher.
