The US broader indices are trading at at session highs. The gains are led by the NASDAQ and the switch is currently up 114 points or 0.64%. At session lows, the price approached its rising 200 hour moving average, but found early buyers against at that level. That kept the buyers and control.
There is still work to do to increase a bullish bias for the Nasdaq. That includes moving back above its broken 100-hour moving average at 18218.92. The high price today just reached 18128.38 (still 90 points away). A move back above the 100 hour moving average would increase the bullish bias.
For now, the basing against the 200- hour MA is bullish for the Nasdaq index (the price also stayed above the old trend line – see chart above)).
For the S&P it is also moving higher and is now back above its 100-day moving average at 5574.93. The current price trades at 5581.93 up 17.8 points or 0.32%. The high price reached 5585.34.
This article was written by Greg Michalowski at www.forexlive.com.
