Nasdaq is higher, but topside MA/retracement remains a key resistance area

Technical Analysis

Author: Greg Michalowski | nasdaq

200 hour MA and retracement near each other

The Nasdaq index opened higher on the day but has retraced some of the gains in early trading.  

200 hour MA and retracement near each other
Technically, the index opened above its 50 day MA (white line currently at 11112.609 and remains above that level on the corrective dip lower.  A move below would spoil the bullish move today.

On the topside there is key resistance with the 38.2% of the move down from the September 2 high to the low reached on Friday. That level comes in at 11242.217. Above that is the 200 hour MA at 11258.083. The high price today reached 11234.198.  If the buyers are to take back control in the index, getting and staying above that level will be eyed.  

Apple will be having a launch event  with a new iPad and Apple Watch expected. The shares of Apple are trading up $1.12 at $116.48. That launch will be eyed by markets and could be an influence in the overall tech market bias.  

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