Resistance and the Nasdaq

Stocks are emerging from their daily cycle low.

The Transports back tested their 10 day MA.

The Industrials also back tested their 10 day MA.

While the Banking Index managed to close at a new all time closing high.

However, the Nasdaq remains contained by the 10 day MA and the 50 day MA. The Nasdaq needs to break above this resistance before the rally can gain traction.

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