S&P moving away from 200 hour MA

The major US stock indices are trading to new session highs>

  • The S&P index is up 25 points at 2772.31. That's a gain of 0.91%.
  • The NASDAQ composite index is up 63 points or 0.86% at 7400
  • The Dow Jones industrial average is up 337 points or 1.34% at 25647

For the S&P index, the price moved above its 200 hour moving average on the opening. I moving average 2755.64. The low for the day addictive briefly below that level, down to 2753.78. However, buyers entered and the price is moving away from the MA level.

The move today is also moving a way from the 61.8% retracement of the move down from the January high to the February low. That retracement level came in at 2742.92. On Friday, that level was broken and the market closed above it. Today, the price is running away from that level.

Buyers are running the market. It is not as strong as Friday when the major indices advanced at paces greater than 1.4%, but it is not a bad day so far.

For the year:

  • The S&P is now up 3.69%
  • The Dow is up 3.78%
  • The Nasdaq is now up 7.20%