Major indices soaring and up over 2%
The US stock markets are continuing their run to the upside, with each up over 2%.
A snapshot of the markets currently shows the
- NASDAQ index up 2.03%
- S&P index up 2.10%, and the
- Dow industrial average up 2.29%
The moves to the upside as the dollar moving lower, as flows move into the riskier currencies. The dollar is reaching new lows verse the EUR, GBP, CHF, CAD, AUD and NZD over the last hour.
You can argue that if Biden wins, there will likely be a big stimulus deal. If Trump wins, he also has promised more stimulus and he of course is the master of pushing stocks higher. For now the market is looking at the election as a win-win and shorts are also covering.
Technically,
- The NASDAQ index is back firmly above its 100 day moving average at 10922.32. On the topside sits the 50 day moving average at 11295.607. The high price today has so far reached 11197.69.
- The S&P index is also moving away from its 100 day moving average at 3314.31. It too is approaching its 50 day moving average at 3399.80 (call it 3400). A move above would be more bullish. The high price has reached 3387.58 so far
- The Dow industrial average open the day below its 100 day moving average at 27276.30. The index is currently back above that level. Its 50 day moving average is up at 27902.59 today. Note on Friday, the price bottomed near its 200 day moving average at 2618.04. Bullish bounce.
In other markets,
- the US dollar moving lower has gold price is moving higher. Gold is up around $13 or 0.69% $1908.40. Silver is also higher by $0.11 or 0.5% at $24.20
- WTI crude oil futures are also cheering on the increased stock momentum with a gain of $1 or 2.8% at $37.80
- US yields continued to be supportive what the 10 year up 3.7 basis points at 0.881%. The 30 year is up 4.5 basis points at 1.661%.
