After rising by 2.56% on Friday, the NASDAQ index is up another 2.19% today. The index is currently trading at 10801 up 231.97 points or 2.19% on the day. The high price reached 10807.26 so far.
Looking at the hourly chart, the high price tested its 200 hour moving average at 10807.10. A move above that level would have traders targeting the 50% retracement of the move down from the December 13 high. Recall that the high on that day was after the better-than-expected CPI report. However momentum could not be sustained in the price tumbled lower over the next few weeks.
The 50% retracement level comes in at 10889.56.
For the S&P index, it moved up 2.28% on Friday, and is up another 1.42% today.
Looking at the hourly chart, the price gapped higher today, and in doing so moved above its 200 hour moving average at 3908.99. The price has since moved above the 50% of the move down from the December 13 only at 3932.73.
