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Home ANALYSIS

US stocks extend gains. Nasdaq and S&P up close to 1% now.

A.R Chowdhury by A.R Chowdhury
March 17, 2022
Reading Time: 4 mins read
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US stocks extend gains. Nasdaq and S&P up close to 1% now.

The major US stocks indices are continuing their run to the upside and trade near session highs.

The gains are led by the Russell 2000 which is up around 1.5%. The S&P and NASDAQ have moved up to highs near 1% on the day.

Currently, the snapshot shows:

  • Dow industrial average up 271.74 points or 0.80% at 34334
  • S&P index up 37.41 points or 0.86% at 4395.33
  •  NASDAQ 
    NASDAQ

    The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.

    The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.
    Read this Term
    index up 125 points or 0.94% at 13562.52
  • Russell 2000 up 30.29 points or 1.49% at 2061.92

Looking at the S&P index, the price is trading above and away from its 200 hour moving average currently at 4357.59. The last time the price traded above that moving average was on February 9 and February 10, but on each of those days the price reversed back to the downside. Stay above that moving average is more bullish in the short term.

The next target comes in at the swing high from March 3 at 4416.78 (and high for the month). Above that and the 50% midpoint of the move down from the all-time high comes in at 4466.64.

S&P

S&P index is moving above its 200 hour moving average

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For the NASDAQ index, it is trading just above its 200 hour moving average currently at 13551.57. The prices is currently trading at 13572.

Back on March 3 and again on February 10, the price tested that moving average and found sellers (see green line in the chart below. The break above that 200 hour moving average today is a bullish tilt from a technical perspective.

Stay above and March high at 13837.59 followed by the the 38.2% retracement of the move down from the all-time high comes in at 13952.28

NASDAQ

NASDAQ index is ticking above its 200 hour moving average
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A.R Chowdhury

A.R Chowdhury

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