NASDAQ is making new session highs

The main US inventory indices are buying and selling larger. The NASDAQ index is main the way in which and making new session highs. The index is at present up 224 factors or 1.07% at 21140.07.

Wanting on the hourly chart, final Friday’s sharp decline pushed the worth beneath its 200-hour transferring common (Inexperienced line within the chart above) for the primary time since April 24. The drop additionally took the worth below the 38.2% retracement of the rally from the June 23 low to the July 31 excessive at 20,650.10.

Nevertheless, on Monday, the market gapped larger, and at this time’s buying and selling has seen the worth prolong again above each the 100-hour transferring common at 21,020.24 and the 50-hour transferring common at 21,043.28. Holding above these ranges is technically bullish. A sustained transfer again beneath them can be wanted to undermine the present bullish bias.

Key technical ranges:

• 200-hour MA: April 24 breach degree (bearish sign when damaged).

• 38.2% retracement: 20,650.10 (assist).

• 100-hour MA: 21,020.24 (assist/resistance).

• 50-hour MA: 21,043.28 (assist/resistance).

This text was written by Emma Wang at investinglive.com.