NASDAQ up 1.68%. S&P up 1.58%.
The major US stock indices continue to run higher with the S&P index up 1.58% and the NASDAQ index up 1.68%. The Dow industrial average looks like it will snap at the four day losing streak with a strong gain of 510 point currently or 1.48%.
Looking at the S&P index on the hourly chart, the run to the upside has now taken the price above its 200 hour moving average at 4415.68. The price is also above its October 7 high at 4429.97. The current price is trading at 4433. Staying above the 200 hour moving average would keep the buyers more in control. Will below and we could see some rotation back to the downside.
The S&P index is still some 2.5% away from its all-time high.
For the NASDAQ index, it is testing a swing high going back to September 28 (the market gap lower on that day) at 14817.74. The current price is trading right at that level at 14817.26. The price does still remained below its 200 hour moving average which it currently stands at 14843.21. Ultimately it would take a move above that 200 hour moving average (it has not traded above since September 24), to increase the bullish bias.
The NASDAQ index is still some 3.9% from the all time high.