NASDAQ index finds early buyers against 100 hour MA
The NASDAQ has moved to a new session high and in the process has turned a negative day into a positive day. The current price is up around 40 points or 0.33% at 12036.70. The high for the day reached 12041.29. The low extended to 11898.36. At the low, the index was down -98.50 points.
Also at the low, the price approached the rising 100 hour moving average (blue line in the chart above) currently at 11885.59. The low got within about 14/15 points of that moving average level. I would call it a sniff rather than a test, but anxious buyers seemed to have leaned in early against that key moving average level. Going forward, it would take a move back below the 100 hour moving average to increase the bearish bias. The price last moved above that moving average back on March 16 and has remained above since that time..
The high price this week reached 12224.68. The high price from February reached 12269.55. Both those levels would need to be broken to increase the bullish bias for the index.
The Dow industrial average remains in negative territory at -50 points or -0.15% at 33432.33. The S&P index is up a -3.36 points or 0.08% at 4093.71.