Nasdaq index back up testing 100 hour MA

Do sellers come back in?

The NASDAQ index moved to the lowest level since February 5th today, bottoming at 13804.258. That was short of the swing hi from January 25 at 13728.98 and the 38.2% retracement of the move up from the January 29 low at 13720.51.

Do sellers come back in?

The rebound has moved up and retest its 100 hour moving average currently at 13949.553.  Do the sellers lean on the moving average retest, or does the market break above and then look to retest the 50 hour MA just above at 13985.71?

Taking a look at the S&P index, it was able to find dip buyers against its 100 hour moving average (currently at 3906.84) and rebound above its 50 hour moving average. As a result, from a technical perspective, it did not tilt more to the downside intraday.  

S&P index on the hourly

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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