The NASDAQ index is leading the way for the US major stock indices. A snapshot of the market currently shows:
- Dow Jones +618 points or 1.89% at 33250.93
- S&P index +93.77 points or 2.25% at 4264.46.
- NASDAQ index up 368.95 points or 2.88% at 13164.50.
- Russell 2000 up 51.68 points or 2.63% at 2014.69.
Looking at the hourly chart of the NASDAQ index, the price rise has seen the index move above the February 24 swing low at 13094.65, but stall ahead of a another swing area at 13236.56. It would take a move above that swing area to increase the bullish bias/momentum. The falling 100 hour moving averages currently at 13464.39. That would be the next major target on the topside.
The low price from yesterday reached 12674.75. That what that low stalled ahead of the February 23 low at 12587.88. The inability to move below that level has helped the buyers a bit.
However ultimately getting above the 100 hour moving average and then above that the 200 hour moving average (currently at 13751.02 – green line in the chart above), would be needed to tilt the technical bias more to the upside.
The 200 hour moving average on the NASDAQ index has stalled the last two rallies on February 10 and again on March 3. Hence the moving averages importance from a technical perspective.
