US stocks roar ahead. S&P has its strongest day in seven months

Technical Analysis

Author: Greg Michalowski | sp

Dow snapped the four day losing streak

The US stocks roared ahead with the Dow industrial average is snapping a four day losing streak:
  • S&P has its best day since
  • S&P and NASDAQ close higher for the second consecutive day
  • Dow industrial average snapped the four day losing streak
  • All S&P sectors closed higher
  • NASDAQ has its best day since May 20
  • Dow industrial average has its best day since July
  • S&P has its best day since March 5 (7 month high)
  • Gains were led by banks and better PPI data
  • initial jobless claims were also below 300K for the first time since the pandemic
The final numbers are showing:
  • Dow industrial average rose 534.73 points or 1.56% at 34,912.56
  • S&P index rose 74.46 points or 1.71% at 4438.25
  • NASDAQ index rose 251.8 points or 1.73% at 14823.44
Looking at the hourly chart of the NASDAQ index, it is closing just below its 200 hour moving average at 14832.61. In the new trading day moving above that level would be more bullish. 

Dow snapped the four day losing streak_
The S&P index today close will above its 200 hour moving average of 4413.70.
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