Nasdaq moves above the 100 day MA stalled and rotated back below. S&P stalled ahead of its key 100 day MA.
The Nasdaq index with less than an hour left in trading, is trading higher by 76 points or 1.08% at 7260. Solid gain, but off the high at 7303.12. That high was able to extend above the indexes 100 day MA at 7287.75. The inability to keep the fire above that MA, may be a warning flag.
For the S&P index, the high today fell short of its 100 day MA at 2712.46. The high today reached 2708.95. Coming up short is also a concern. The index is currently up 16.22 points at 2697.43.
Of course, we still have some key earnings releases after the close. On tap today will be Amazon and Symantec.
Before the bell today, GE, UPS, Mastercard, Blackstone, Celegene, DowDupont and Altria reported (amongst others). Tomorrow, Exxon, Chevron, Merck, Cigna and Honeywell are scheduled to report.
For Amazon, the estimates are for earnings-per-share of $5.64 on revenues of 71.87 billion.
With the S&P index and Nasdaq trading near its 100 day MAs, what Amazon reports this afternoon, may help to tilt the bias either back down tomorrow, or continue the run higher.
PS For the month, the major indices are certainly making up for the December swoon lower
- The Dow is up 7.04%
- The S&P is up 7.65%
- The Nasdaq is up 9.44%
Pres. Trump is talking more about the stock market again.
