The good news technically was at the lows last week
The US major indices are closing the session all at record highs. The NASDAQ index led the way with a 1.32% gain with Apple and Microsoft leading the way. The Dow was the laggard but they still had solid results (and record closes).
The good news technically was actually at the lows from last week's trading. Looking at the S&P index below, the blue line represents the 100 hour moving average. Although the price and Wednesday Thursday and Friday fell below the white line or 50 hour moving average, on each move toward the blue line/100 hour MA, dip buyers entered and pushed the price higher.
For the Nasdaq, the chart pattern is similar with the exception of one single hourly bar that dipped below the 100 hour MA on Friday (only to bounce back above). Today, the price gapped above as well and ran higher.
Today, the price on the S&P gapped higher and then 100 even higher through the day. The high for the day was at 3133.64, that was just short of the intraday high at 3133.83.
The final numbers for the major indices are showing:
- S&P index, +23.35 points or 0.75% at 3133.64. The high reached 3133.83. The low extended to 3117.44
- NASDAQ index close up 112.603 points or 1.32% at 8632.48. The high reached 8633.152. The low extended to 8559.648
- Dow rose 190.85 points or 0.68% at 28066.42. The high reached 28068.69. The low extended to 27917.77
