The broader stock indices are looking to dodge a big bearish technical bullet today.
The catalyst for the reversal back to the upside came after Fed's Bostic showed some tightening restraint in his comments. That has helped to bring a bid to the risk assets. In addition, the 10 year yield is also coming off its boil, although it still remains above 4.0% at 4.059%
However the Bostic comments has the index trading back into positive territory at 3970.57. That's up 19.12 points or 0.49% and takes a price back above the 200 day moving average. The 50% midpoint of the range since the December low comes in at 3979.54 and is the next upside target. Moving above that level, would be a further tilt to the upside for the S&P index.
Bostic's comments have pushed the price back above its 200 day moving average at 11403.56. The current price is trading at 11420.30 up 40.7 points or 0.36%.
So both the S&P and the NASDAQ index on the verge of dodging the bearish bullets from a technical perspective. Traders will be monitoring the price action to see if that momentum can continue into the close.