Major indices have moved to new session highs. The Dow industrial average leads the chart with the gain of 0.87%. The S&P and NASDAQ are running neck and neck with a rise of 0.68%.
Even the small-cap Russell 2000 is which along nicely with a gain 0.80% today.
Chatter that there is deals on the horizon have helped. The concessions made to the auto industry I think are also a positive.
Technically, the NASDAQ index has extended to a high of 17,497.62, testing a key technical hurdle near the 50% midpoint of the decline from the December all-time high (see the chart above). A break above this level would strengthen the bullish bias.
If you recall, last Thursday the NASDAQ moved above its 200-hour moving average (green line) for the first time since February 21; that moving average is currently at 17,631.76. The index had not been above the 200-hour moving average since February 20.
Looking at the daily chart below, a break above the 50% midpoint would next target the 50 day moving average which comes in at 17631.45. The price has not trading above that moving average since February 21.
Overall, technical progress is being made in the technology-driven NASDAQ, with important resistance levels now coming into focus.
For the S&P index, it has closed above its 50% retracement level over the last three trading days. That level comes in at 5491.24. The next target would be at its falling 50-day moving average currently at 5613.48. The price high today reached 5571.95.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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