Nasdaq tests 100 hour MA today
The US stocks are trading mixed ahead of Apples earnings after the close. The Dow is trading higher while the Nasdaq is trading lower. The S&P is near unchanged on the day.
The snapshot as I type is showing:
- The Dow up 71 points or 0.29% The index is being led by gains in Caterpillar, Pfiser, 3M and United Technologies. Apple, which is a stock in the Dow is up 0.25%
- The S&P index is trading down -3 points or -0.11% at 2641
- The Nasdaq is trading down -47 points or -0.67% at 7037
Technically, the Nasdaq fell toward the 100 hour MA at the lows today. That MA currently comes in at 7023.58. The low today reached 7011.46 when the MA was at 7019, but momentum below the MA could not be sustained and the price has bounced (see blue bar in the chart below).
The pair trades between the 50 hour MA above at 7077 and the 100 hour MA below at 7023.58. Buyers and sellers are sparring with each other, waiting the next push outside of the MA extremes above and below. For now, the traders are tradig the MA ranges (more or less).
