NASDAQ index rises by 430 points. Approaches hourly moving average target. ...Middle East

Overnight, the resolution of the U.S. budget deal that averted a government shutdown further fueled bullish momentum, allowing buyers to push higher. Even at today’s low, the index was still up 188.06 points, indicating strong upward pressure. However, the falling 50-hour moving average at 17,773.68 is now in play, which could act as initial resistance. The NASDAQ has not traded above this key technical level since February 20, making it a critical test for the current rally.

Despite today’s strong gains, the index remains down -2.58% for the week and is still -11.9% off its highs from the week of February 18. Earlier this week, losses exceeded 14% at session lows, underscoring the recent weakness. If buyers can push through the 50-hour moving average, it could signal a stronger recovery, but failure to break above may lead to renewed selling pressure.

This article was written by Greg Michalowski at www.forexlive.com.

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