Key areas for the tech heavy index
The NASDAQ index gapped higher today and in doing so, extended above the 100 hour MA and the 50% retracement levels.
The 100 hour MA is at 13261.63 currently. The 50% retracement of the move down from the Feb 16 all time high comes in at 13286.084.
In the last few minutes, the price dipped back below the levels, but only briefly. Key area for the index. If the price can stay above and move away from the levels, the bias tilts more to the upside. A move below with more momentum, would not be good (failed break).
Looking at the daily chart, the index is approaching the 50 day moving average currently at 13355.90. The high price today reach 13322.612 so far. Getting above that level would be more bullish on the daily chart. PS. on the move lower, the Nasdaq fell below its 100 day moving average but could found support buyers ahead of the 50% midpoint of the move up from the September swing low (see daily chart below).
Meanwhile the Dow continues its move to the upside and is currently up 200 points on the day. The index made a new all time high at 32526.59. It currently trades at 32512.
