Nasdaq working back toward unchanged. Dow and S&P now higher.

Re-approaching 50% midpoint and 200 hour MA

The NASDAQ index has moved to a new session high of 13526.09. That got within about 6 or 7 points of unchanged on the day which is a far cry from the low price of 13003.98. At the low, the NASDAQ index was down some -529 points on the day or -3.91%. The current price is trading down around 30 points or -0.22% at 13502.

Re-approaching 50% midpoint and _200 hour MA

Should the price continued to move higher, the pair would approach the 50% midpoint of the move up from the February 1 low of 12985.05. That low was approached today but fell 18 points shy of the level. The midpoint level comes in at 13580.08. 

Just above that is the 200 hour moving average at 13596.887. The 200 hour moving average will be a key level for today, and going forward. Other than 3 hourly bars on January 29, the price has not traded extensively below its 200 hour moving average since the end of October into early November. Conversely a move back above the 200 hour moving average would disappoint the sellers/bears.

The S&P index is now positive by about 17 points or 0.44% at 3893. The low for the S&P reached 3805.59, or -1.83%

The Dow industrial average is up 116 points or 0.37% at 31637.36. The low for the

Dow reached 31158.76 or -1.15%.

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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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