Gapped above the 50% retracement as well
The NASDAQ index has completed an intraday technical "hat trick" (current price is at 8447.09)
- The price gapped above the 50% retracement at 8234.89. The high from last Friday stalled near that 50% level.
- The price is trading above its 200 day MA at 8398.03
- The price is trading above its 50 day MA at 8417.15
The combination is hard to ignore technically, but the market will still want to see those level held today and into the close. A move back below 50 day and 200 day MA, would be a red flag for the buyers.
Nevertheless, if the levels can hold there should be further upside momentum toward the 61.8% at 8613.31 and the 100 day MA at 8678.79 (as targets).