Major indices all higher on the day
the broad market indices are trading at new session highs. The NASDAQ composite index just traded to a new high of 9547.44. That is up around 57 points or 0.6%. The S&P index traded to a high of 3055.01 up about 10 points or 0.34%.
The Dow industrial average is lagging behind the broader indices. But it is currently trading up around 58 points or 0.23% at 25441. The high price reached 25476.23.
Taking a look at the S&P index on the daily chart, the price has traded above its 200 day moving average over the last 5 trading days. That moving average currently comes in at 3002.97. On Friday the moving average was tested and traders bought against the level. If the price stays above the 200 day moving average, the buyers remain in full control. A move below would have traders looking toward its 100 day moving average at 2959.36 as a target support. Last Wednesday the price fell below the 200 day moving average only to find support against its 100 day moving average (blue line in the chart above).
Each of those moving average levels represent key barometer is for both the bulls and the bears. Stay above is more bullish. Move below is more bearish.
For the Nasdaq index, the price high did extend above the gap level going back to February 21 at 9542.327. The next target is the all time high from February at 9838.372.
