The major US stock indices are getting off to a positive start with gains. The indices are led by the NASDAQ index which is up around 1% after declining -33.10% in 2022 (it was the worst performing of the major indices).
They stepped out of the market eight minutes into the openness currently showing:
- Dow Industrial Average up 143.28 points or 0.43% at 33290.54
- S&P index up 28.41 points or 0.74% at 3867.90
- NASDAQ index up 120.09 or 1.15 percent at 10586.57
- Russell 2000 up 21.25 points or 1.21% at 1782.50
For the NASDAQ index, it’s 100 hour moving average (blue line in the chart below) currently comes in at 10668.72. Getting above that moving average -and staying above – would tilt the short-term bias back to the upside. The index fell below its 100 hour moving average on December 14, and stayed below the moving average level for the rest of the calendar month into the new year. Above that level than the 38.2% retracement of the move down from the December 13 high at 10728.59 would be targeted.
In the US debt market, yields are lower helping to contribute to the positive tone in stocks:
- 2 year 4.376%, -3.1 basis points
- 5 year 3.901% -6.4 basis points
- 10 year 3.75%, -8.1 basis points
- 30 year 3.848% -9.0 basis points
This article was written by Greg Michalowski at www.forexlive.com.