Although stocks are higher, the correction has some concerns for the buyers

In an earlier post, I spoke to the Nasdaq moving to the 100-hour MA. The price of the pair did move to and through that MA currently at 20984.43. If the price can stay above that MA, the buyers are still in control.

What I am concerned about, is that the momentum above that moving average as been stalling and there still exists a gap from Thursday to Friday that hasn't been filled at 21078.67. It's minor but traders always want to see a break and run. We saw a break of the 100 hour MA, and some run, but not a lot.

Looking at the other broader index, the S&P 500, the price high today reached 6324.49. That was short of its 100-hour moving average at 6328.92. The inability of the S&P to break above the 100-hour moving average can lead to overall broad market disappointment i.e. drag the NASDAQ down. So traders will be cognizant if the index cannot extend above the 100 hour moving average level

Having said that, the Friday close for the the S&P was below the 200-hour moving average (green line) so getting back above that is a positive

Things could have been much worse from a technical perspective if both indices had opened lower rather than gapped higher, but nervousness that the correction did not go far enough is still a possibility .