Nasdaq index moves up toward 50 day MA, but it may be a tough nut to crack


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Back and forth during and after Powell

The Nasdaq index is back higher after up and down activity during and after the Powell interview.  The index did open lower today moved positive on familiar comments from Powell on rate projections, but got a little anxious (moved lower) when he talked about significantly lowering the Fed’s balance sheet.   
Since the conclusion, however the price has moved higher and is back in the black. The index has been up for 4 straight days.  We are currently up about 10 points. 

Technically, looking at the hourly chart above, the pair moved above its 200 hour MAa and 50% retracement on Tuesday. At the opening today, the pair stalled the fall right above that 200 hour MA line. It currently is at 6838. A move below would tilt the bias back to the downside.
On the topside, the high is running into the 61.8% retracement at 6991.07. The high yesterday reached 6985. The high today could only get to 6979.62.  
So there is a battle going on on the hourly chartas the market digests the prospects for the next move. 
Taking a broader look at the daily chart below, the price rise is also inching closer to the 50 day MA (white line) That MA comes in at 7009.258.   With the 61.8% on the hourly chart at 6991.07 and the 50 day MA at 7009.25 (and moving lower), there is some overhead resistance that traders will be monitoring closely going forward.   

The price action today, may be an indication that the market is getting a bit concerned about the upside potential.   Be aware.  The rebound since December 24th is having a little trouble.  

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