Back to leading the major indices
The NASDAQ index is now trading up 200 points or 1.84% to 11113.30. The index is testing its 38.2% retracement of the move down from the September 2 high at the 11113.34 level.
The NASDAQ index gapped above its 100 hour moving average (blue line at 10932.80) and has stayed comfortably above that moving average line all day today. It would take a move back below that 100 hour moving average to tilt the bias more to the downside once again.
On the topside, if the index is able to extend above the 38.2% retracement, the next target would be the 200 hour moving average (green line) at 11213.416. The price has not traded above the 200 hour moving average since September 10.
The S&P index also moved above its 100 hour moving average today at 3336.76. Staying above it would be more bullish going forward. It is currently above its 38.2% retracement of the September trading range at 3354.10. The current prices just above that level at 3356.95 currently. It's 200 hour moving average is up at 3393.35. That would be the next target if the buyers can remain in control (above its 100 hour moving average).
