Opened at the moment above the MA however backed off. Now again above…
The Nasdaq has pushed again above the 200 hour MA for the second time at the moment. The market opened above the MA degree, solely to run into sellers and the value got here again down. This run above checks the consumers resolve. The MA is available in at 6873. Keep above is extra bullish.
For the broader S&P index, the index is larger however has run into the 50% retracement on the hourly chart at 2573.38 after which the 200 hour MA at 2587.73. The excessive within the first hour of buying and selling did get above the 50% degree however fell in need of the 200 hour MA. So there’s a little bit of disconnect with the 2 broader indices. The tech heavy Nasdaq is breaking larger, however the S&P index has some work to do to persuade extra shopping for from a technical perspective.