Broader indices trading to new highs. What next technically?

The Nasdaq index is trading at a new high end in the process is testing that key swing area between 16442 and 16539. The current prices at 16495 up 295 points or 1.82%. Getting above and staying above that area would have traders looking toward its 100 day moving average at 16880.48.

For the S&P index, it is also trading at a new high up 92 points or 1.78% at 5278. The price moved above the March and April highs near 5264.85 and looks now toward its 100 day moving average at 5308.47.

This article was written by Greg Michalowski at www.forexlive.com.