The major US stock indices are opening sharply higher. at 15 minutes after the open, the major indices are showing:
- Dow Industrial Average average is up 307 points or 0.79% at 39302
- S&P index is up 75 points or 1.42% at 5315.
- NASDAQ index is up 309 points or 1.89% at 16666
The small-cap Russell 2000 is up 28 points or 1.38%.
Technically, the S&P index is moving above it's 100 day moving average at 5309.74. On Friday the price moved down to that moving average before gapping below it on Monday's sharp move lower. Yesterday the high price stalled near the MA level. Today, getting and staying above that level is important from a technical perspective and shifts the bias more to the upsid
For the NASDAQ index, it is moving above the key swing area between 16442 and 16538. The price is also moving away from its 38.2% retracement of the move up from the October 2023 low at 16330 (yellow area encompasses the swing area and the 38.2% retracement). That area is now support.The price moved above that swing area yesterday but rotated back to the downside into the close. The move back above it today is more bullish.
On the topside,the 100 day moving average at 16884 would be the next key target on the daily chart below.
