NASDAQ index was back above the 10,000 level

Technical Analysis

Author: Greg Michalowski | nasdaq-index

Still off intraday highs

the NASDAQ composite index has moved back above the 10,000 level. Currently trades at 10,005. That is up 131 points or 1.33%. The high for the day extended to 10,020.96 earlier in the session. The low reached $9863.66. 

NASDAQ index
Looking at the hourly chart, the price has remained above its 50 hour moving average currently at 9960.70 since breaking above earlier in the session (over the last 5 hours - see chart above). 

In the initial hour of trading today, the price moved above its 100 hour moving average (blue line in the chart above). Bullish.  Yesterday - and for most of Friday's trade - the price stayed below that 100 hour moving average, but support buyers came in near its 200 hour moving average (green line) in the opening hour of trading on Monday. 

S&P index

The S&P index is also moving back higher but off the intraday high levels. It currently trades at 3081. Up 27.71 points or 0.91%. The high price reached 3084.65.  The S&P index is getting closer to its 100 hour moving average at 3083.30. It is above its 200 hour moving average at 3078.63 and 50 hour moving average at 3075.35. Getting above its 100 hour moving average would be more bullish from a technical perspective.
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