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Nasdaq hangs near highs but remains below 50% of recent trading range and 200 hour MA

Nasdaq hangs near highs but remains below 50% of recent trading range and 200 hour MA NASDAQ index moved up toward resistance target The NASDAQ index is trading up around 232 points or 1.75% at 13565. The high price reached 13608.25. The low price was down to 13281.22. Looking at the hourly chart, the most recent cycle low was on March 15 at 12555.35. The price moved up 14634.22 on March 29. Since then, the price has rotated to the downside with the pair reaching a low at 13225.29 during trading yesterday. The move to the upside today has seen the price move up to retest its 50% midpoint of the range since the March 15 low. That level comes in at 13594.78. If the price can get above that level traders will then look toward the swing lows/highs near 13689.23 followed by the now rising 200 hour moving average at 13744.23. Getting above the 50% retracement, the swing level at 13689.23 (see red numbered circles) and the 200 hour moving average are the steps needed to give the bias more of

 


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