NASDAQ also test the gap from Wednesday to Thursday
On Thursday, the NASDAQ index gapped below the 50 hour moving average. After falling down to test the 38.2% retracement at 13720.511 and holding during trading yesterday, the index bounced and is continuing the move to the upside in early North American trading today.
The high price just reached 13974.609. That is just below the 50 hour moving average at 13975.04. Also above is the gap from Wednesday’s low at 13995.447.
Get above the 50 hour moving average and that gap level would be more bullish. However there may also be sellers leaning against the area on the corrective move higher today.
So buyers and sellers are both interested in this area. It will help to determine the bias going forward. Move above the 13995.44 level would be more bullish. Stay below, and the corrective move higher may be over for the index.