NASDAQ index tests its 100 hour moving average

The NASDAQ index is up 413 points or 3.27% at 12978. Looking at the hourly chart, that takes price above its 100 hour moving average at 12946 for the 1st time since April 5. Stay above that moving average is the best case scenario for the buyers. The next upside target would be the 38.2% retracement 13139.74 of the move down from the March 29 high price.

There is some stall as the price moves down to 12951 as I type. The high price reached 12985.01.

The S&P index is also testing its 100 hour moving average at 4296.15. The high price reached 4307.66 but has backed off to 4297 currently. That is just above the 100 hour MA line going into the close.

Tomorrow is shaping up as an important bias defining day for the broader stock indices with the Nasdaq and S&P both near influential 100 hour MA levels at the end of day. If the price can go higher tomorrow it gives buyers more confidence. If it fails, the dead cat bounce might be over quickly.