NASDAQ index up 0.62% after bouncing off its 100 hour moving average
The S&P index has turn positive on the day with a gain of 3.5 points or 0.10% had 3676.55. However it lags the gains in the NASDAQ index which are up 77 points or 0.63% to 12417.23.
Although the NASDAQ is higher, yesterday the index fell -243 points or -1.94%. So the gain represents a retracement of those declines. The Dow industrial average is still negative by about 20 points or -0.7% at 30049. It's high price reached 30063.57, just short of unchanged on the day.
Looking at the hourly chart of the NASDAQ index, the low price today stalled just ahead of its 100 hour moving average (at the time) at 12213.6. The low price reached 12214.738. The moving average is currently at 12219.01 (and rising).
The index is approaching the 50 hour moving average currently at 12434.14. Traders will be eyeing that moving average to see if sellers lean.
