Chips away at the upside targets
The NASDAQ is back in charge today with the Dow and S&P lagging.
The Nasdaq just traded to a new high of 13389.41. In the process, the pair continues to chip away at topside resistance. On Friday, the pair moved back above its 100 hour moving average (blue line) currently at 13183.00. Today, the areas back above its 50 hour moving average at 13347.70.
On the topside the next moving average target on the hourly chart, comes in at the 200 hour moving average of 13459.558. Last week, the price did move above on Tuesday and Wednesday but failed on the breaks. It would take a move above, and staying above, to give the buyers in the tech heavy Nasdaq a more bullish bias.
While the Nasdaq is up about 1.32%, the S&P is up 0.71% and the Dow is up only 0.19%. This has reverse some of the flight into the more cyclical stocks seen over the last month. For the year, the Dow is still the strongest index at +6.82%. The S&P index is up 4.9% and the Nasdaq is up 3.88%.