If you were to take a short to long term view of the Nasdaq index the move higher today based nicely against key support on the daily chart. However if you were to drill to the hourly chart, the index is finding some resistance near downward sloping trend line and ahead of the high from last week (on Wednesday) and the falling 100 hour MA.
Taking an even broader look at the weekly chart, the 200 week MA remains above the current levels. That 200 week MA happens to be real close to the target level from the hourly chart against the 100 hour MA and the high from last week near 11130.
So nice day today, but there is work to do to get out of the bearish darkness from the technicals in the Nasdaq index.
Be aware. Be prepared.
This article was originally published by Forexlive.com. Read the original article here.