Some late day buying is pushing the major indices to new highs for the day. They are also moving into positive territory.
A snapshot of the market currently shows:
- Dow industrial average up 119 points or 0.37% at 32223.86
- S&P index of 20.29 points or 0.51% at 3969
- NASDAQ index up 34.49 points or 0.29% at 11821.40
The S&P index has moved back above its 100 hour moving average currently at 3944.60. It's a 200 hour moving average looms up above at 3988.32.
Looking at the NASDAQ index, the low price today stalled against the low price from Wednesday's trade. On Monday, the price traded above and below the 200 hour moving average to start the day, but closed above that level and remained above both the 100 and 200 hour moving averages at 11569.42 and 11600.91. It would take a move below both next week to increase the bearish bias. Until then the buyers are more in control.