Gains and US indices are eroding. NASDAQ index now back below its 100 hour MA and negative
The NASDAQ index gap higher and in doing so gapped above its 100 hour moving average (blue line on the chart above). The high price extended to 17136.55. That was short of the high price from last Wednesday at 17202. It was also short of a swing level at 17238.24 and the falling 200 hour moving average currently at 17317.81. All those levels need to be broken to increase the bullish bias. It was not meant to be, at least so far today.The erosion has the price now trading at session lows at 16736.99. That has now taken the price back below its 100-hour moving average at 16855.99. The price would have to move back above that moving average to give the buyers more control. Absent that, and the sellers can probe more to the downside with the next target at 16550.61 followed by the 50 hour moving average at 16119.34..As I type, the NASDAQ is now in negative territory down -13 point at 16713.For the S&P index it is still holding onto a gain of about 9.31 points or 0.18% at 5372.56. However, like the NASDAQ index it gapped above its 100 hour moving average at 5431.04. The current is now comfortably below that moving average level with the next target at 5336.38. This article was written by Greg Michalowski at www.forexlive.com.
The NASDAQ index gap higher and in doing so gapped above its 100 hour moving average (blue line on the chart above). The high price extended to 17136.55. That was short of the high price from last Wednesday at 17202. It was also short of a swing level at 17238.24 and the falling 200 hour moving average currently at 17317.81. All those levels need to be broken to increase the bullish bias. It was not meant to be, at least so far today.
The erosion has the price now trading at session lows at 16736.99. That has now taken the price back below its 100-hour moving average at 16855.99. The price would have to move back above that moving average to give the buyers more control. Absent that, and the sellers can probe more to the downside with the next target at 16550.61 followed by the 50 hour moving average at 16119.34..
As I type, the NASDAQ is now in negative territory down -13 point at 16713.
For the S&P index it is still holding onto a gain of about 9.31 points or 0.18% at 5372.56. However, like the NASDAQ index it gapped above its 100 hour moving average at 5431.04. The current is now comfortably below that moving average level with the next target at 5336.38. This article was written by Greg Michalowski at www.forexlive.com.
