Break and close below the 200 hour moving average was the 1st since April 2020
the NASDAQ index is correcting higher and in the process is retesting its 200 hour moving average at 11174.19. Earlier today the price fell below that moving average and closed hourly bars below that moving average level. That was the 1st closes below the 200 hour moving average since April 6.
After bottoming near the 50% retracement of the move up from the June 29 swing low (one of the last times the price tested the 200 hour MA), the price has pushed higher.
As I type, the price is moving back above the 200 hour moving average (the price just scooted up to 11193). That muddies the water a bit technically (potential for the failed break). However, London/European traders are ending their day. As a result, it may be end of day position squaring for those traders
There is a long way to go before the US stocks close ahead of the Labor Day holiday. The verdict is still out on whether the technicals end on a bearish note.
