The NASDAQ Composite Index has broken back above the 200-day moving average (green line on the chart at 18,320.79) and 100-day moving average (blue line at 18,476.49) —a technical development that marks a shift in the medium-term trend. These MA levels were broken for the last time (to the downside) on March 6 and had not traded above since that day. The price gapped above the MAs today off of the weekend news.
The NASDAQ index is currently up 630.2 or 3.5% at 18557.63 above both those moving averages
With the index breaking back above those MAs, they become the bias-defining levels today and going forward. Staying above is more bullish with a swing area between 18599 and 18832 as the next area to get and stay above (see yellow area on the chart above). A move above those levels takes the price back into the all-time upper extreme that peaked at 20204.58 back on December 16, 2024.
Summary:
100-day and 200-day MAs between 18320.88 and 18,476.49 have been broken.
Bullish bias now in place with buyers in control above the moving averages.
Key upside targets are between swing area at 18598.87 and 18831.91
The S&P index has also broken above its key 200-day moving average at 5750.18 and it's 100 day moving average at 5773.64. The current price trades at 5811.31 up 151.42 points or 2.67%. There is a swing area between 5782.02 and 5878.47 which if broken would take the price into the upper all-time extreme that peaked at 6147.43.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( NASDAQ breaks key moving averages, bullish trend in place )
Also on site :
- Get an email about a ‘Lopez Voice Assistant Class Action Settlement'? Here's why
- Zelensky challenges Putin’s offer to meet after Russia ignores ceasefire demand
- Keir says ‘we cant live on an island of strangers’ as he overhauls migration & cracks down on deportation dodgers