S&P trading above and below unchanged
The NASDAQ composite index has moved to a new session low in the current hourly bar at 9472.08. That is already bounced up to 9500 in volatile trading. The S&P index has also moved back into the red but is trading back above the unchanged level.
Looking at the hourly chart of the Nasdaq, the index remains above the rising 50 hour MA at 9396.66. The 100 hour MA (blue line) comes in at 9250.22 currently. Last Wednesday at the week’s low, the price bounced off the 100 hour MA line. If the price is to go lower, getting and staying below the 100 hour moving average would be a target technical level.
The 200 hour MA is down at 9015.35. The price of the Nasdaq index has not been below the 200 hour MA since April 6th….
On the topside, getting back above the high for the day at 9572 would have traders looking toward the topside channel trendline which currently comes in at 9670 currently
