Nasdaq moves to intraday highs

Technical Analysis

Author: Greg Michalowski | sp

Omega Advisors Lee Cooperman doing his best on CNBC to turn the market around

Lee Cooperman from Omega Advisors is on CNBC and came out with "guns a blazing" by imploring the SEC to investigate the algo sellers and then went into his fundamental story about why everything is oversold.  Blah. Blah. Blah.

I give him credit, the Nasdaq is trading at intraday highs at 7109. It is still down about -50 points but that is much better than the low at 6984.34.

Looking at the hourly chart above, the price gapped below the 100 hour MA at 7153.95. On Tuesday, the price stalled near that level on the close.  A move above that MA and then the 200 hour MA at 7232.63 would take a lot of pressure off the market. 

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