The ebbs and flows continue
Yesterday there was trade optimism at the opening, but momentum could not be sustained and the indices backed off.
Today we are seeing optimism again and the stocks are opening with solid >1% gains. Can the momentum be sustained today?
The snapshot in the first few minutes is showing:
- The S&P, +1.26% at 2670
- The Nasdaq, +1.32% at 7124
- The Dow, up 1.22% at 24668
For the S&P index, the price remains below the 100 hour MA (blue line) at 2685.62 (and the 50 and 200 hour MAs as well - white and green lines). If the price is to head higher, those levels need to be breached.
In the US debt market, yields are higher.
