Technical Analysis

Major indices extend to new session highs

Nasdaq leads the way with a 1.5% gain

The major stock indices of extended to new session highs. The NASDAQ is leading the way with a gain of 1.5%.

A snapshot of the markets currently shows:

  • NASDAQ index up 163 points or 1.53% at 10836.22
  • S&P index up 32.28 points or 1.0% at 3079/28
  • Dow is up 195.88 points or 0.73% at 27010.81

Technically looking at the hourly chart of the NASDAQ index, the index is trading now above its 50 hour moving average. That level currently comes in at 10799.714. The price is also extending above a downward sloping trendline at 10823. Earlier is this week, the price moved above its 50 hour moving average at the close of business on Tuesday, only to open and move lower on Wednesday.  The move higher has also taken the NASDAQ into positive territory for the week. It is currently up 0.45%. The NASDAQ index has been down for 3 consecutive weeks.

For the S&P index, it’s still remains below its 50 hour moving average at 3296.19. It is also lower on the week by -1.16%. A close lower (the index closed at 3319.47 last Friday) would be the 4th consecutive week lower for that index
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