Skimming the highs of the day
The Nasdaq just skimmed to a new session high reaching 7985.79. That took out the previous intraday high at 7983.28. For the day the index is up 126 points or 1.61%.
Technically, the index gapped above the 50 and 100 hour MAs at 7905 area and is approaching the 200 hour MA at 8009.48. A move above that level is needed to increase the bullish bias.
On the daily chart below, the move today moved above the 100 day MA at 7953.26 (risk level now for longs). The 50 day MA is still above at 8049.39. Last week, that MA was tested and the price fell back down.
Overall, the price is above the 100 hour MA and the 100 day MA, but overhead resistance remains at 8009.48 (200 hour MA) and 8049.39 (50 day MA).