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 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.
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
