Nasdaq moves back up to test 100 day MA

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But backs off.  Be aware.

The Nasdaq is seeing some buying after heavy selling since the start of the month, took the index down -5.5% from the month high to the month low reached yesterday. 

The price has moved back above the 100 day MA at 7786.08 and scrambled up to a high of 7799.74, but has since backed off. We currently trade below the MA at around 7780 as I type. 
That MA will be eyed today as a barometer for bulls and bears. Stay below would be more bearish. Move back above, and more shorts/hedges might be lifted (and lead to higher prices). 



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