US stocks trade to new session highs on trade deal optimism

Technical Analysis

Author: Greg Michalowski | nasdaq

NASDAQ composite index tests 50 day and 100 day moving averages

The major US stock indices are trading near high levels for the session:
  • NASDAQ index +73 points or 0.93% at 7977
  • S&P index up 26 points or 0.89% at 2945.35
  • Dow industrial average is up 229 points at 26578.5
For the NASDAQ index, the pair is back above its 100 day moving average at 7970.154, but still remains just below its 50 day moving average at 7980.11.  A move above the 50 day moving average would be and other bullish step for the index.  A topside trend line cuts across at 8197 on the daily chart and would be a target on increased bullish momentum in the index.

NASDAQ composite index tests 50 day and 100 day moving averages
For the S&P index, the technical picture is more bullish as the price is currently above both its 100 and 50 day moving averages. The 50 day moving average is currently at 2935.54. The price is up at 2945.35.

S&P index above its 100 and 50 day moving averages
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