TECHNICAL ANALYSIS

NASDAQ index up more than 200 points


Up to 207 points over the day

The NASDAQ index now outperforms the industrial average of the S&P and the Dow. The index is currently up 207 points or 1.86% to 11361. The S&P Index is up 1.57%. Dow industrial average is up 1.68%

Technically, the pair is moving away from its 200 hour and 50 hour moving averages at 11184.02 and 11221.185 respectively. Yesterday, the price fell below these two moving average levels following the sale of Trump’s tweet.

Up to 207 points over the day

Yesterday’s high – which was the highest since September 4 – hit 11,392,413. Above is the hi swing of September 4th at 11,438.71. The 61.8% retracement of the downward movement from the September 2 high comes to 11,480.218. These are upside targets for the index.

The closing risk would be the 50% retracement of the range since September 2. This level stands at 11,296,779. Ultimately, however, it would take a return below the 50-hour moving average and 200-hour moving average to tip the bias further down.
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