Nasdaq bounces near 200 hour MA. S&P index below its 200 hour MA
There is some good news and some bad news for the broader US indices.
Looking at the hourly chart of the NASDAQ index, the low price today extended to 9088.04. That was within 5 or so points of its 200 hour moving average. Looking at the chart below, back in early December the price also tested the 200 hour moving average and bounced nicely. This bounce looks similar to that move. That is the good/bullish news for that index.
The not so good news from the broad market perspective, comes from the S&P index. Looking at it, it has fallen below its 200 hour moving average currently at 3250.32. We currently trade as I type at 3248.11. Back in December, the price did fall below that 200 hour moving average for a few hours, only to close above it and then move higher with the overall market.
So there is some good new and some not so good technical news from the broader US indices. Pay attention to the levels to help determine the markets sentiment today and going forward.
