US stocks trade back at the session highs

Technical Analysis

Author: Greg Michalowski | tempe-index-nasdaq-index

New highs for the S&P index and NASDAQ composite index

the broader S&P and NASDAQ indices are trading at new session highs. The S&P index reached a new high at 3119.38. It is currently trading at 3118.81, up 0.83%. The NASDAQ index reached a new high at 8584.883. It is currently at 8583.50, up 0.74%.

New highs for the S&P index and NASDAQ composite index_

Technically, the price of the S&P index is trading back above its 100 day moving average at 3116.19. Above is the 50 hour moving average at 3124.20. In trading on Monday, that moving average stalled the rise on a corrective move higher.  The sharp fall on Tuesday, took the price below its 200 hour moving average (green line in the chart above) but as is often the case, the price started to move back higher. Today the open gap above the 38.2% retracement at 3102.39, and moves more to the upside were added on.

For the NASDAQ index, the fall on Tuesday did dipped below the 200 hour moving average (green line), but only briefly before it started its rebound higher.  The price today spent most of the time above its 100 hour moving average below at 8560.56. The 50 hour moving average at 8601.596 remains a topside hurdle for the buyers.

Nasdaq has spent most of the day above its 100 hour moving average

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