Nasdaq leads the way
The US major stock indices are opening with gains. However, the gains are lower than the pre-market levels. So it is a little softer. The Nasdaq is leading the market:
- S&P indexes up 5.2 points or 0.19% at 2773
- NASDAQ is up 43.8 points or 0.59% at 7492
- Dow is up 29 points or 0.10% at 25471
In the US debt market yields remain lower with a slight dip in the yield curve.
Technically for the S&P, the pair trades around its 200 day MA at 2768.37. If the index starts to trade more below that MA, it could swing the bias more to the downside going forward. Six of the last 8 days has seen the price trade above and below the key MA. So there is some uncertainty. PS the 100 day MA was tested last week, but stalled the corrective rally (blue line in the chart below).
The Nasdaq is trading below its 200 day MA at 7518.29 (green line in the chart below). Staying below on a correction today (the high reached only 7504.13 so far), is more bearish.
