Major US stock indices are reaching new session highs, with the NASDAQ index taking the lead. The NASDAQ index has risen by 93 points or 0.82% to 11,528.90, the S&P index has gained 18.2 points or 0.46% to 3,909.7, and the Dow Jones Industrial Average has increased by 9 points or 0.03% to 31,884.50.
Focusing on the NASDAQ index, the price has climbed back above its 100-hour moving average, currently situated at 11,450.69. Furthermore, the price is surpassing the 38.2% retracement of the decline from the February high, found at 11,474.34. It is important to note that yesterday, the price highs briefly stalled just below these levels before reversing direction. The 100-hour moving average at 11,450.74 now serves as a support level and risk indicator for buyers seeking additional gains.
Regarding upside potential, the next critical target is the 50% midpoint of the same February trading range, which is at 11,626.18. Above this level, the 200-hour moving average resides at 11,640.93, while a descending trendline is located at 11,663 and continues to slope lower. Buyers will need to break through these levels to gain more control and maintain upward momentum.
