The major US indices are ending the day with sharp gains. The moves to the upside in the major indices erased the sharp declines from Friday. A lower dollar, and steady to lower yields helped the tone.
A shift in some of the technicals are also a help.
Looking at the S&P index, it closed below the 200 week MA for the 2nd week in 3 last week, but like the first close below, the index is seeing a Monday rebound back above the MA level. The 200 week MA comes in at 3605 this week. The price low today was well above that MA level at 3638.65. The high price reached 3689.73. It would take a move back below 3605 to give the sellers more control again. Until then, the dip buyers have the short term control.
For the Nasdaq index, it move back above the July low at 10565 today. The low was at 10569.69. Failing on the break to new 2022 lows is another red flag for the sellers.
The final numbers are showing:
- Dow industrial average is up 554 points or 1.87% at 30188.78
- S&P index is up 95.08 points or 2.65% at 3678.16
- NASDAQ index is up 354.42 points or 3.43% at 10675.81
- Russell 2000 is up 53.35 points or 3.17% at 1735.75
