The NASDAQ index is up 485 points or 2.18% at 22688.57. That has taken the price closer to its 100 hour moving average currently at 22693.50. The high price has reached 22689.83 so far.
On Friday, the price fell below that moving average and continued on through its 200 hour moving average (Green line on the chart above). The low price did fall short of it 38.2% retracement at 22143.26 (move up from the August low). Getting below that retracement was the next target, but the gap higher today, took the price further away from that target and back above the 200 hour MA as well.
Will the sellers lean against the 100 hour moving average? The move back above would take away the sting from Friday’s tumble. Staying below, keeps the sellers in play.
