S&P up 0.90%. Nasdaq up 1.2%. Nasdaq bounces of 50 day MA
The US stocks are trading near the highs for the day. The S&P is trading at 2441.20. The high reached 2441.92. The current price is good for a 0.90% gain on the day.
The Nasdaq is doing even better. It is up nearly 1.20% 6220. The high reached even higher at 6223.
Technically, the Nasdaq test its 50 day MA at the 6144.075 yesterday and again today. The low price reached 6144.80. Nice bounce off the MA level.
Looking at the hourly chart, the price action of late shows the price chopping up and down. The low price over the last few days traded below the 50, 100 and 200 hour MAs. They are in the 6207 to 6227 range currently. The index is trading between those MAs at 6220. The high price has stalled ahead of the upper extreme.
Overall, the index held the 50 day MA below. Bullish.
The price correction is sits between hourly MA on the correction. That is neutral. If the price can clear the 6227 level, that is more bullish. Conversely, if the market stalls and the price heads back below the 6207 level, the bias turns back lower (bearish).