NASDAQ rebounds off key technical level, market awaits next move | Forexlive

The NASDAQ index is recovering after touching a crucial moving average technical level.

Today’s low reached 12015.23, briefly testing the 200-hour moving average (green line in the chart above) currently at 12016.39 (and increasing). This moving average will be vital for both buyers and sellers, as a drop below it could shift the short-term bias toward the downside.

Meanwhile, the 100-hour moving average, now at 12076.62, was surpassed earlier today, and traders are now closely monitoring this level for potential resistance. If the index moves above this level, further upside movement may occur as traders react to both the successful test of the 200-hour moving average and the failure of the break below the 100-hour MA.

Notably, a more bearish signal emerged yesterday when the high price approached the key swing ceiling area near the 2023 highs between 12245.43 and 12269.55. The high price yesterday reached 12261.32, falling within that range and attracted sellers who increased the ceilings importance for the NASDAQ index.

Should the price move higher, a break above that ceiling will be necessary to enhance the bullish bias from a technical standpoint

Looking at the other major stock indices: