Both the S&P and the NASDAQ indices surged on April 9 on the rebound from Liberation Day on April 2. For the NASDAQ index the price rose 12.16% on that day. For the S&P index the index rose 9.52%. If April 9 was the largest gain, today’s gains in both those broad indices represent the second-largest gains going back to 2022.
Currently, the S&P is up 3.04%. On November 30, 2022 the index rose 3.10%. The NASDAQ index is up 4.01%. On November 30, 2022 the index rose 4.41%.
Technically, both the S&P and NASDAQ indices are closing above both their 200 and 100 day moving averages.
- For the S&P index, the 200 day moving average comes in at 5750.30. The 100 day moving averages at 5773.88. The current price is at 5831.11
- For the NASDAQ index, the 200 day moving averages at 18321.35. The 100 day is at 18477.63. The current price is at 18653.00
If the gains can be sustained into the close it would represent the first close above those moving averages since February 25. That would be a bullish development technically.
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