Dow is testing its 50 day moving average
The Dow industrial average is leading the way with a gain of over 700 points or 2.08% gain. The high price just reached 35316.63. That took the price just above its 50 day moving average at 35298.88. Getting above and staying above that moving average would tilt the technical bias more in the favor of the buyers.
The move to the low last week did find support buyers near the 38.2% retracement of the 2021 trading range. That retracement comes in at 34002.73. The low last week came in at 34006.98 just above that retracement level.
The other major indices are also moving higher today:
- Thr S&P index is up 64.83 points or 1.43% at 4603.03
- The NASDAQ index is lagging but still up 136.59 points or 0.91% at 15222.25
- The Russell 2000 index is surging with a gain of 45.10 points or 2.09% that 2204.41.
