Trades to a new high for the day
The Nasdaq index is trading to a new session high at 13209.52. That has also push the price back above its 100 hour moving average at 13203.708 currently. Yesterday as the index plunged, the price move back below the 100 hour moving average. The index moved to a new low going back to March 10, but found support buyers against that swing low on that day.
The market has been able to digest the Fed decision on SLRs today. The 10 year yield is still up around two basis points at 1.7282%, but off the highs of 1.7477%. That is helping. The CDC changing guidelines on distancing within schools is also good for reopening.
The Nasdaq tech stocks are still in a struggle between higher rates and the potential for high growth (as I type the price is back to 13182 indicative of the choppiness from the uncertainty).
An inflation fear from the price of crude, has eased a bit since peaking above $67. Crude is back above $60 today at $60.50, and well off the low at $58.94, but it is also a good ways away from the $67 highs. Inflation will continue to be a concern for the interest rate market and the Nasdaq index.
The rotation trade is not favoring the S&P and Dow. The S&P index is still down on the day by about 6.5 points or -0.16%. The Dow is also lower by 246 points or -0.75%.
