The foremost US indices are buying and selling at new session highs. The Dow industrial common is up 579 factors or 1.99%. The S&P index is up 75.7 factors or 2.08%. The NASDAQ index is up 225 factors or 2.08% as nicely.
Nasdaq strikes again towards the 200 week MA
Him him him
Trying on the NASDAQ on the weekly chart the 200 week shifting common is available in at 11113.59. The excessive worth simply reached 11060.64.
That 200 week shifting common will probably be a key topside goal that merchants will probably be eyeing because the market strikes towards the shut for the week on Friday.
Final week was the first shut under that shifting common since March 2020. A failure on the break decrease would give consumers some added confidence for an additional technical bounce with the 50% midpoint of the transfer up from the March 2020 low coming in at 11421.82 as the following key goal.
Trying on the Dow 30 index, its 200 week MA is at 29772.31. The excessive worth reached 29723.44. Just like the NASDAQ index, a transfer and shut above the 200 week shifting common this week could be extra bullish as merchants could be upset of the failed break final week.
Dow 30 bounces again towards 200 week MA
To have 2% features is a breathe of recent air. Nonetheless, the consumers aren’t out of the woods. There are nonetheless plenty of potential headwinds because the US remains to be close to highs, charges are nonetheless excessive and will impression progress. Earnings ought to nonetheless be underneath strain and that might nonetheless make the bounces shallow and met by promoting, vs. comply with by shopping for. I will probably be watching the charts and technicals for clues.
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