NASDAQ index trades above its 200 hour moving average

The NASDAQ index is trading to a new session high. The price just reached 11591.13. The current price is just below that at 11584.67 up 222.84 points or 1.96%.

Technically, the price has also moved back above its 200 hour moving average (green line in the chart above). The 200 hour moving is at 11461.37.

The price of the NASDAQ last traded above the 200 hour moving average on June 28 and before that on June 27, but momentum faded and the price moved back to the downside.

If the price can stay above the 200 hour moving average, the shorter-term bias remains more to the upside with the high price from last week at 11661.02 as the next target followed by the 38.2% retracement of the move down from the March 30 high at 12124.37.

Conversely move back below the 200 hour moving average, and buyers will likely be disappointed once again.