Nasdaq trades back above its 100/200 hour moving averages

Last test at the highs last week, found sellers against the 200 hour MA

The NASDAQ index is leading the way to the upside and in the process has seen the price move above its 100 and 200 hour moving averages. Thosw moving average is currently, and 13233.89 and 13247.26 respectively. The price is currently trading at 13261.5 up around 216 points or 1.66%.

Last test at the highs last week, found sellers against the 200 hour MA

Going back to the high from last week on March 22, the price tested the higher 200 hour moving average only to find willing sellers against the level. The high price reached 13455 at that test.  

It is month end. April is traditionally a stronger month for US stocks (on a seasonal basis).  Perhaps buyers are getting a headstart on the run higher  stay above the moving averages, and the technical bias is more positive.

Meanwhile the S&P index traded to a new all time high taking out the high from March 17 at 3983.87 on the way to the high today at 3984.21. The price is back below the level and trades at 3980.40 currently  

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