The major US stock indice are closing near highs for the day as the selling from Friday are nearly reversed.
A snapshot of the closing levels is showing:
- Dow industrial average +585.06 points or +1.34% at 44173.64.
- S&P index up 91.93 points or 1.47% at 6329.94.
- NASDAQ index up 403.45 points or 1.95% at 21053.58.
- Russell 2000 rose 45.52 points or 2.10% at 2212.30.
For the NASDAQ index, it closed last Thursday at 21078.67. The high price today reached 21055.24, just short of the closing level.
The good news technically, is that the Nasdaq is closing back above its 100-hour MA which is positive for the close. Stay above tomorrow will give the buyers more confidence potential for one back toward the all-time high price seen last week.
For the S&P index, it closed on Thursday at 6339.39. It’s high price today reached 6330.69 also just short of the closing level from Thursday’s trade.
Versus its 100 hour moving average, the S&P index closed just short of it by less than $0.40 (see blue line on the chart below). Tomorrow will be key for the index. Does it push back above the 100 hour moving average, or move back to the downside after the test today?
