US stocks break out of recent ranges with a big move higher

Technical Analysis

Author: Greg Michalowski | sp

Dow and S&P up for the 5th time in 6 trading days

The US major indices all broke above recent up and down trading ranges, and above their 50 day MAs as well.  The major pairs are each up over 1.30%. Big day for equities.

The final numbers are showing:
  • S&P index up 38.16 points or 1.30% to 2975.95. The day moving average is down at 2945.21.
  • NASDAQ index up 139.94 points or 1.75% at 8116.82. The 50 day moving average is down at 8047.98.
  • Dow is up 371.93 points or 1.41% at 26727.40. The 50 day moving average is down at 26563.34.
Apart from the UK's FTSE which fell by -0.55% on the day on the back of a continuation of the upward momentum in the GBP, the other major indices traded above the 0.0% line for all of the day.   The biggest gainer was the Russell 2000 index of small cap stocks which rose by 1.86%. The NASDAQ composite index tacked on another 1.75% gain after rising by nearly 2% at the highs.  

Dow and S&P up for the 5th time in 6 trading days

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