The S&P buyers are taking the price back above the 200 hour MA
Buyers are pushing the broader U.S. stock indices higher today. The S&P 500 is up about 35 points, or 0.47%, at 7,475.50, while the tech-heavy Nasdaq is gaining 250 points, or 0.97%, to 26,066.
From a technical perspective, the S&P 500 has now moved above its 200-hour moving average at 7,463.23 (green line on the chart). Yesterday, the index also reclaimed its 100-hour moving average at 7,422.11 (blue line). With the price now trading above both key moving averages, the near-term bias has shifted back in favor of the buyers.
The move is particularly significant because, after last week's downside gap, the index had fallen below both the 100-hour and 200-hour moving averages, giving sellers greater control. The low price moved below a swing area between 7321 and 7341 on Friday, but bounced higher into the close. Yesterday the price based against that swing area (see yellow area on the chart above), giving the buyers the go-ahead to push to the upside from a technical perspective.
By climbing back above these key technical levels, buyers have regained the upper hand and improved the short-term outlook for the broader market.
For the Nasdaq, the technical bias is less bullish. While the price of the NASDAQ index has extended above its 100 hour moving average at 25866.39 (blue line on the chart above), the 200 hour moving average remains above at 26204.41. If the buyers are to take back more control, they need to get and stay above that moving average.
So broadly speaking technically, the buyers in the S&P are making a bullish play, while the NASDAQ buyers have taken the price more into a technically neutral area (versus the sellers), but the buyers still have work to do to take back control.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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