NASDAQ index erases declines. Trades marginally higher. | Forexlive

The NASDAQ composite index has moved into positive territory briefly with the high price reaching 12156.39. That took the price up 2.98 points. The current price trades at 12152.36 down 1.31 points or -0.01%.

Looking at the hourly chart, the low price today near the open tested the rising (blue line in the chart above currently at 12068.99). Last Wednesday, the price moved below that moving average level for the 1st time since March 16, but could not sustain momentum and quickly rebounded back above the level.

Holding the moving average level today keeps the buyers in control. It would take a move below the 100 hour moving average – and staying below – to increase the bearish bias going forward.

On the topside the high price from yesterday’s trade came in at 12245.43. That took the price above the April 4 hi at 12224.48, but fell short of the February 2 high at 12269.55