Stocks still higher but trading at session lows ...Middle East

The S&P index is up 76.57 points or 1.44% at 5363.16. The high for the day reached 5469.69the NASDAQ index is up 375 points or 2.29% at 16671.80. The high for the day reached 17029.86

At session highs today, both the S&P and NASDAQ indices tested their falling 200 hour moving averages. For the S&P index, the 200 hour moving average comes in at 5467. The high price was 5469 (green line on the chart below).

Finding willing sellers near the 200-hour moving average keeps the bias tilted in favor of the sellers and reinforces the technical importance of that level—both today and going forward. For buyers to regain control, the price will need to break and hold above the 200-hour moving average. Failing that, a rotation back toward the 50-hour and 100-hour moving averages remains a likely scenario for both indices.

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

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