The S&P is making new all time highs
While the S&P index trades to new all time highs, the Nasdaq index is still a little less than 5% from its peak reached in February. However, the index is making some technical moves which are pushing the technical picture more to the upside.
Looking at the hourly chart above, the price yesterday move back above its 100 and 200 hour moving averages (blue and green lines). It also based against its 50 hour moving average earlier in the session (gray line).
Today, with the gap higher at the open, the index has moved up to test its 61.8% retracement of the move down from the all-time high to the low on March 5. That level comes in at 13495.96. The high for the day as so far reached 13487.07. Getting back above that retracement is the next target. Above that is a key swing area between 13595 and 13620 (see yellow area and red numbered circles). That has been a solid floor and ceiling going back to the end of February.
Taking a look at the daily chart, the 50 day MA is in play today. That MA currently comes in at 13451.50. The price did extend above that level in trading today, but as I type, the price has dipped below the level marginally. For the day, if the price can close above the MA, it does add more bullishness to the technicals. A close below would be a concern for the bullish bias (with breaking back below the 100/200 hour MAs a bigger concern in the short term).
