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 2624.97142 points or 5.73% at 2631.21 - NASDAQ index up
393 points or 5.34% at 7767.62408 points or 5.54% at 7781.31 - Dow industrial average up
1158 points or 5.5% at 222101209 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.
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.