Nasdaq ticks to a new intraday high, but backs off. Stalls ahead of topside trend line.

Technical Analysis

Author: Greg Michalowski | nasdaq

The high from yesterday 9298.32. The high today just ticked to 9298.82 and backed off

It was a new all time high in the Nasdaq index, but only by 0.50 of a point. The high in the Nasdaq just ticked to 9298.82. The high from yesterday (all time high) reached 9292.32. So by 0.50, and new high was made, but the price has retreated.   The index trades at 9285.25. That is still up 33.92 points but 13 points off the highs.  

The high from yesterday 9298.32. The high today just ticked to 9298.82 and backed off

Looking at the daily chart, the index has been scraping against a topside channel trend line over the last few days. Today that trend line comes in at 9314.28.  That line will be a target if the upside momentum continues.  A move above would give buyers more upside/bullish ammunition for the buyers. 



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