The NASDAQ index move down to a low of 11031.27 near the open, but has nearly erased all the declines. Correction,- it just turn positive as I type. The index is near unchanged on the day at 11264.63.
Although the NASDAQ is higher, the Dow industrial average is still down -236 points or -0.75% at 30751. The S&P index is down 12 points or -0.32% at 3806. Although still lower, those indices are also well off their low levels for the day.
Looking at the hourly chart of the NASDAQ index below, the index is approaching its 100 hour moving average at 11308.82. Recall from yesterday near the close, the price moved below that moving average level on rumors of a 1.7% CPI. Closing below that level was a negative bias and tilt from a technical perspective. Look for sellers against the 100 hour moving average on a test. A move above however could see a further run to the upside with the 200 hour moving average at 11417.66 as the next key upside target (green line in the chart below)
Today's CPI was higher than expectations at 1.3% (vs. 1.1%). The core CPI rose 0.7% vs. 0.6% expected.
