Major US indices are closing sharply higher and in doing so are breaking multi-day losing streaks.
For the Dow industrial average it stopped its 4-day losing streak. For the broader S&P and NASDAQ indexes, . both broke 5-day losing streaks.
For the trading week, the indices are closing lower.
A snapshot of today's closing levels shows:
- The Dow industrial average was up +339.86 points or 0.80% at 42732.13
- The S&P index +73.92 points or 1.26% at 5942.47.
- NASDAQ index up +340.80 points or 1.77% at 19621.68.
The small cap Russell 2000 closed higher by 36.80 points or 1.65% at 2268.47.
For the trading week:
- Dow industrial average fell -0.60%
- S&P index fell -0.48%
- The NASDAQ index fell -0.51%
- Russell 2000 rose by 1.0639 %
From a technical perspective, the NASDAQ index is closing above its 200-hour moving average at 19586.59. As we enter the new trading week, the 100-hour moving average is still falling as a target at 19734.66. The index closed the day at 19621.68.
For the S&P index, its 100-hour moving average is falling in at 5973.89 (blue line on the chart below). That is the first upside target followed by the 200-hourly moving average (green line on the chart below) at 6001.91. Getting above both moving averages is necessary to increase the bullish bias for the broader S&P index.
