Nasdaq index moves into a key swing area

The NASDAQ index is off its lows and is moved up toward what should be topside resistance. Their resistance comes between the broken 38.2% retracement at 16330.47, and the high of a swing area up to 16538. The high praise has reached 16368.32 just above the 38.2% retracement but below the height of the swing area.

This is a key area for today and going forward. Stay below keeps the sellers more in control at least in the short/medium term. Move above and a rotation toward the 100 day moving average cannot be ruled out. That level comes in at 16878.

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