The US major indices snapped a 4-day losing streak that saw high to low declines for the major indices over those days showing:
- Nasdaq -8.44%
- S&P, -5.86%
- Dow, -4.68%
- Russell 2000, 5.54% hundred
Today, the major indices did a good job of erasing some of those declines. The final numbers are showing:
- Nasdaq index closed up 460 points or 3.6% at 13,255.56
- S&P index rose 107.18 points or 2.57% of 4277.87
- Dow industrial average rose to 653.6 points or 2.0% at the 33286.24
- Russell 2000 rose 53.27 points or 2.71% to 2016.29
Technically, looking at the Nasdaq index, the pairs low yesterday was able to stay above the cycle intraday low at 12587.88 (the low yesterday reached 12674.75). However, the price remains below the 100 hour MA at 13425 and the 200 hour MA at 13742.77. The last two tests of the 200 hour MA stalled the rallies. As a result, technically that MA remains a key target to get to and through if the pair is move higher.
For the S&P index, like the Nasdaq the last rally also found willing sellers at the 200 hour MA. Also like the Nasdaq, the price remains below the 100 hour MA (currently at 4315.57). If the buyers are to start winning more, getting above the 100 and 200 hour MAs at 4315.57 adn 4399.65 (and moving lower for both), is needed to increase the bullish bias technically.
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