S&P up 0.66%. Nasdaq up 0.85%
The US major stock indices are trading near high levels
Looking at the hourly chart of the S&P index, the price fell in late day trading yesterday back to test the 100 hour MA (blue line in the chart below) and found support buyers. That is key support now (see blue line below).
ON the topside the 200 hour MA (green line) comes in at 2759.20. Yesterday, the index sniffed the MA but backed off. That is now resistance.
The current price is at 2733.43. The high reached 2734.81 so far. There is still room to get to the 200 hour MA above and room to get to the 100 hour MA below. We trade in between the support and resistance as buyers and sellers battle it out between the technical levels.
The Nasdaq is up 0.85% now at 7295. The high reached 7297
The Dow is up 133 points or 0.54% .
