But the broader S&P and NASDAQ indices are trading to new session high with the S&P now up 1.04% while the NASDAQ index is up 0.87%. The Dow industrial average is also higher in trades up 1.14%.
Looking at the hourly chart of the S&P index, the price moved above its falling 50 hour moving average early the session, and corrected lower but did stay above that moving average before shifting momentum back to the upside. The last two hourly bars have extended higher and away from its 50 hour moving average currently at 5627.53. The 100 hour moving average looms above 5753.06.
The price last fell below the 100 hour moving average on February 21 and hasn’t really gotten close to it since that time.
For the NASDAQ index, it moved above its 50 hour moving average on Friday, and corrected lower today at the start of the day. The price dipped below the moving average briefly at session lows. . However like the S&P index, the last few hours have seen a run to the upside and away from the 50 hour MA in the process.
On the topside, its 100 hour moving average comes in at 18139.36 and is the next key target.
The price action is very similar. As long as the price can remain above the 50 hour MAs on each, the price can probe higher. Getting above the 100 hour MAs are the next key targets in each.
