The S&P and Nasdaq move toward upside MA targets, but well off earlier week lows.

Technical Analysis

S&P back above the 100 day MA

both the S&P index and NASDAQ index are up solidly and near session highs.

The S&P index is up 26.23 points or 0.90% at 2936.88. The high reached 2939.04

The NASDAQ index is up 73.11 points or 0.93% at 7945.40. The high price reached 7951.78

Technically, the S&P index today move back above its 100 day moving average at the 2927.04 level. It next looks to target its 50 day moving average at 2942.08. A move back above that moving average (it tumbled below it on Wednesday), would tilt the bias back to the upside. The price action has been using that 50 day moving average as a barometer for the bulls and bears. Above it is more bullish but dipping below it has led to more downside momentum.

For the NASDAQ index, yesterday the price dipped below the 200 day moving average for the 1st time since early June. However the move below was shallow and brief, and the price quickly rebounded. Today, the price is moving closer to its 100 day moving average (blue line in the chart below) at 7965.568.  Above that is the 50 day moving average at 8007.61.  A move above each is needed to continue to tilt the bias back to the upside.

The good news for the broader indices is that there has been decent recoveries off the earlier week close. However, there remains technical work to be done to tilt the bias more to the upside in each. 

NASDAQ composite index is looking toward a retest of its 100 day moving average

ForexLive

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