NASDAQ reaches 8000 again. Above 50 day MA now

Technical Analysis

50 day moving average at 7991.75

The NASDAQ index is now up 139 points or 1.77% at 8000.91. The high price of just ticked up to 8002.92.   

The move has taken the price today above its 100 day moving average at 7934.35 and now its 50 day moving averages 7991.804.   The pair has now retraced 50% of the move down from the July high at 8001.27 as well.  

The 50 day at 7991 and the 50% at 8001.27 are now a key area for the market barometer.  Crack higher and there can be more momentum buying as traders scramble to get back in again (after the quick 6 day correction).  Move back below and the market may view the move as a correction to resistance.  

For now, happy days are here again (it never takes long).

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