US stocks trade to new highs as coronavirus data continues to improve

Technical Analysis

Author: Greg Michalowski | sp

S&P up 5.47% on the day

The US stocks are trading at new session highs as coronavirus data continues to improve with Italy and New York reporting better trends.

A snapshot of the major indices currently shows:
  • S&P index up 136 points or 5.47% at 2624.97 142 points or 5.73% at 2631.21
  • NASDAQ index up 393 points or 5.34% at 7767.62 408 points or 5.54% at 7781.31
  • Dow industrial average up 1158 points or 5.5% at 22210 1209 points or 5.73% at 22256
Looking at the hourly chart of the S&P index, the price is approaching the 38.2% retracement of the move down from the February high. That level comes in at 2650.89.  Last week the high reached 2641.39. The high from March 26 reached 2637.01. 

S&P up 5.47% on the day

Those are the targets on the upside. Above those levels sits the falling 200 hour moving average currently at 2671.84. The price has not traded above its 200 hour moving average since February 21.

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