Both the S&P index and NASDAQ index are trading to new session highs. In the process, they are also breaking above their 100 hour moving averages.
Looking at the S&P index, the 100 hour moving average comes in at 4045.94. The 38.2% retracement comes in at 4054.27. Both are being broken with the index currently trading at 4067.23, up 61 points or 1.53%.
S&P index moved above its 100 hour MA and 38.2% retracement
Looking at the NASDAQ index, it too has extended above its 100 hour moving average at 12065.22, but remains just short of its 38.2% retracement 12124.56. The current price trades at 12110.58 with a high price of 12114.48.
NASDAQ index above its 100 hour moving average
This article was originally published by Forexlive.com. Read the original article here.