S&P low on Friday stalled at 200 day MA (at close).

The US major indices are off to a strong start at the start of the week.

  • The Dow is up 450 points or 1.92%
  • The Nasdaq is up 142 points or 2.03%
  • The S&P is up 47.5 points or 1.83%.

Facebook is still struggling though as it trades down -0.69%.

On the other - more positive extreme - is Microsoft up 5.75% on an upgrade today from Morgan Stanley who raised their price target to $130 from $110. The stock trades at $92.18.

What is good technically, is that the S&P Friday close was right on it's 200 day MA at 2586. Back in February, the price bottomed near that MA and raced higher. So from a technical perspective, the price held the key 200 day MA, but remains below the 100 day MA above at 2691. With the price at 2638 currently, the index is still closer to the lower 200 day MA than the 100 day MA. So the equities are not out of the woods just yet.

US rates are higher today:

  • 2 year 2.281%, up 2.7 basis points
  • 5 year 2.632%, +3.2 basis points
  • 10 year 2.841%, +2.7 basis points
  • 30 year 3.073%, +1.2 basis points

The rise in stocks and rates has the bank stocks recovering:

  • Citigroup, +2.39%
  • J.P. Morgan, +3.35%
  • Goldman Sachs, +2.72%
  • Morgan Stanley, +3.2 basis points
  • Wells Fargo, +2.8%