S&P and Nasdaq back at session highs.
The stock market reacted to the comment from WH Sarah Sanders that Trump feels he has the power to fire Robert Muller. On queue, the major indices fell.
However, we are now seeing a rebound back higher. FBs Zuckerberg is holding his own at his testimony and that is helping. The price of FB stock is trading up $7 at $165.
Technically, for the S&P, the index moved to a new highs at 2664.31 and in the process is moving away from the 100 hour MA (see blue line in the chart above). The price action today took the price above that MA line and has closed above that MA line all day. It currently comes in at 2639.24. That is a risk level going forward.
On the upside now, the 50% retracement comes in at 2677.85. The 200 hour MA come in at 2687.11. Those are upside targets.
The Nasdaq just traded to a new high at 7117, up over 2.31%.
Any impact in forex?
The USDJPY can go up with the "risk on" from stocks, but the pair is actually lower.
Looking at the hourly chart, the pair today is higher, but has a number of up and down bars. The 100 hour MA at 107.05 is a barometer for bulls and bears bias. Stay above and the buyers are more bullish. Move below, and the bias swings.
Despite the run up in stocks, however, the USDJPY is not really reacting as it normally does.
