S&P index up 1% now. Moves above hourly moving average levels

Price extended above 100 and 50 hour moving averages

The S&P index is now up over 1%. The index is up 39.29 points or 1.01% at 3920.71. The high price just take to 3920.85.

Price extended above 100 and 50 hour moving averages

Technically, the push to the upside today has been able to extend back above its 100 hour moving average currently at 3899.39 and its 50 hour moving average currently at 3906.74. The highs from last Friday and Tuesday come in at 3930.41 (last Friday’s high) and 3950.43 (last Tuesday’s high) are the next targets.

The NASDAQ index is testing its session highs as well, but still remains below its 200 hour moving average at 13607.742. The index is currently at 13576.53 and ticking to new highs as I type. A move back above the 200 hour moving average is needed to tilt the bias more to the upside.

Shares of Amazon (-0.98%), Apple (-0.66%), Zoom (-0.57%), Twitter (-0.40%), Facebook (unchanged), are helping to keep the NASDAQ as the under performing index

NASDAQ index

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Categorized as Forex

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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