Tests the falling 50 hour MA
The NASDAQ index is trying to snap victory from the jaws of defeat and close higher on the day.
The pair has erased the earlier declines that saw the index fall by -114.40 points. It is currently trading up around 12 points or 0.09% at 15173.40.
The price is currently testing its 50 hour moving average at 15174.94. Move above that level and the 100 hour moving average at 15221.99 will be targeted. Move above that moving average would open up the door for further upside momentum.
Yesterday the price low stalled right near its 200 hour moving average (green line in the chart above). The support buyers against that level helped to give the buyers the go-ahead to push higher.
Today at the open, the index found early sellers. However the low price did stall ahead of the 38.2% retracement of the most recent move to the upside (ahead of 15028.97). The last four – five hours has seen the price steadily move to the upside.
Resistance at the moving averages above, but buyers are trying to make the play after holding some key support on the downside.