Technical Analysis

Stocks not out of the woods. Nasdaq stalling at trend line and 200 day MA

Up 2.05% but….

The stocks in the US are higher but off the highest levels.  

The Nasdaq is up 151 points or 2.07% at 7480. The high reached 7513.69.  That move took the price back above a trend line at 7485, and the 200 day MA at 7503.25.   However, the price has dipped back lower and is currently trading below both levels.  That would be a concern if the price can’t take back that 200 day MA break from yesterday.  

For the S&P, its 200 day MA comes in at 2766 today. The price is trading right at that level as I type.  

The gains are good for the longs today, but the market is not really out of the woods just yet.  Get back above the 200 day MAs (and staying above) will be eyed.  

ForexLive

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