Both the S&P 500 and NASDAQ have recovered into positive territory after opening the session under pressure. Earlier, the NASDAQ fell as much as 141.84 points and the S&P was down 18.94 points. However, steady buying has since lifted both indices. The S&P is currently up around 26 points, or 0.38%, while the NASDAQ has gained approximately 51 points, or 0.22%.

Despite a pullback yesterday which ended a five-day winning streak, both indices have recorded gains in six of the last seven trading days. Today’s rebound reinforces the strength of buyers in the market.

From a technical perspective, both indices moving back above their 100-hour moving averages has been a key bullish signal. This short-term support level provides a platform for buyers to lean on. As long as prices remain above this moving average, traders are likely to focus on the all-time highs set at the end of October.

For the S&P 500, the record high stands at 6920.34, with the current price near 6856.34. The NASDAQ’s all-time peak is 24,019.99, compared with a current level of around 23,471.

These levels can serve as important targets for traders, while maintaining awareness of the support provided by the 100-hour moving averages helps define risk parameters and potential entry points.

Original Source: Greg Michalowski of investinglive.com