The NASDAQ index returns above its 100-day moving average
The NASDAQ is leading the way today, up 153.47 points, or 1.41%, to 11,005. The highest price reached 11018.02.
Looking at the daily chart, the bearish 100-day moving average is sitting at 11000.95. If the price is above this moving average, it technically helps to buy higher.
As a reminder, since the beginning of this week, the price has closed above this 100-day moving average on both Monday and Tuesday. It hit a new high for the week at 11223.41 on Wednesday.
However, this high failed to reach the 38.2% move below the August 16 high at 11270.07 and the price started to decline lower.
The subsequent decline sent prices below their 100-day moving average, disappointing buyers.
However, if the price is now above the 100-day moving average – and above that level – all the damage caused by the failure will be forgotten and turned in favor of the buyers. Today’s basic level. Knowing.
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