Trendline support and 38.2% retracement also in play for NASDAQ
The Nasdaq index fell to retest its 50-hour moving average at 13,322.35. Also in play is an uptrend line on the hourly chart at 13296 and the rising 100 hour moving average at 13267.215. The 38.2% retracement is also employed at 13276.03.
These levels are essential in the future for the technical picture in the short / medium term. Stay on top and buyers stay in control. Move below and there should be more polls on the downside.
Meanwhile, in the S&P Index, it tests its 200-hour moving average at 3,763.90. Price fell below that level on the last descent to a new session low of 3,758.65. The price has rebounded slightly above this level, however.
