The major US stock indices are getting off to a positive start. The Dow industrial average is leading the way with the S&P index not far behind. The NASDAQ index is higher as well but being contained by the move back to the upside in US yields today.
A snapshot of the market 15 minutes into the open is showing:
- Dow industrial average up 261.85 points or 0.81% at 32499.39
- S&P index up 28.83 points or 0.73% at 3999.81
- NASDAQ index of 57 points 02 point or 0.48% at 11880.98
- Russell 2000 of mid-cap stocks up 16.53 points or 0.95% at 1751.49
The S&P index is testing the key 4000 level. Looking at the hourly chart below, the price is also testing the 50% midpoint of the move down from the February high to the March low. That level comes in at 4002.15. Move above and stay above is more bullish with the traders next targeting 4015.55. The high price from last week's trading extended up to 4039.49. That would also be another upside target.
If sellers show up near the 50% midpoint, the 200 hour moving average at 3986.86 (green line on the chart below) would be the next key target. Move back below the 200 hour moving average would disappoint the buyers in the short term.
In the US debt market:
- 2 year yield 3.967% +19.1 basis points
- 10 year yield 3.503% +12.4 basis points
- 30 year yield 3.726% plus a .3 basis points
