US stocks open with strong gains

Technical Analysis

Author: Greg Michalowski | sp

No surprise there

The major stock indices are opening with strong gains. The snapshot shows:

  • The S&P index of 44 points or 1.63% at 2772
  • The NASDAQ is up 165 points or 2.26% at 7495
  • The Dow is up 384 points or 1.52% at 25430
Yesterday, each of the major indices close below their 200 day moving averages.

For the S&P, the 200 day MA is at 2766.17. The current prices trading right around that level.

For the Nasdaq, the 200 day MA is at 7503 today. The price is trading above and below that level in early trading. 

For the Dow, the index closed just below its 200 day MA yesterday at 25143. The 100 day MA is at 25432. The price of that index is trading above and below that MA in early trading.

So although higher, the moves are opening near some key technical levels. Traders will be eyeing these levels for bullish/bearish clues as the market heads into the weekend. 
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