New all-time highs as well for the broader indices
On Thursday last week, the price of the NASDAQ index traded below its 50 day moving average for the first time since early June. Back in June, the break below that moving average only lasted one day. The break last week also lasted one single day before moving higher on Friday.
Today the price gapped at the open and the price has been moving steadily higher. Just like that, with a gain of 234 points or 1.59%, the index is now trading to new all-time highs. The price just reached 14951.90. We currently trade at 14949.10. Stay above the previous high of 14896.47 keeps the buyers firmly in control.
PS. The correction off the previous high to the low reached on Thursday was only 3.17% for the NASDAQ index. There has not been a correction of over 10% since end of February into early March.
Taking a look at the S&P index, it too is trading at a new all-time high price of 4489.50 up 1.08% on the day. The move took the price above its all-time high reached just last Monday at 4480.76.
Happy days are here again. The skies above are clear again for US stocks.
