High for the day at 2272.08
The S&P index is moving back toward the highs for the day. Granted those highs at 2272.08 is still below the close from Friday at 2274.64 but it beats the early day lows at 2265.46. We are currently trading at 2271.48.
Looking at the hourly chart (see chart above), the S&P index is trading near the 50 hour MA at the 2271.42 level. The 100 hour MA below stalled the fall ahead of that level (currently at 2264.45). At the lows on Thursday last week, the pair stalled ahead of the 200 hour MA. Notice how that MA held support back on the last trading day of 2016 (see green line in the chart above). Getting and staying above the 50 hour MA is the next hurdle if the wander higher is to continue into the close.
The Nasdaq is not as close to taking out it's day high. That high reached 5557.05. We are currently trading at 5546.88. The low extended to 5534.88.
The Dow is trading down -28.10 or -0.15%. The high for the day reached 19882.95. The low extended to 19812. The Dow 20K still remains an allusive target.
In other markets:
- Bond yields are off the lows. The 10 year was down near 9 bp. It is now down 5bp to 2.345%.
- Gold is trading up $10.57 or +0.88% to 1213.43. The high extended to 1218.95. The low reached 1202.53
- Crude oil futures are trading at $52.85 or +0.90%