Major U.S. indices are pushing early session highs after post-opening declines.
- The Dow Industrial Average is making new highs up to 32769.29.
- The S&P hit a new high at 4122.80. Prices up 48.72 points or 4121.21
- The NASDAQ index hit a new high at 12356.91. It is currently trading at 12352.96 up 190.84 points or 1.57%
US yields are down across the board, with the 10-year now down -4.2 basis points to 2.638%. The 30-year yield fell back below the level of 13.0 to 2.987%.
The NASDAQ index is currently up 4.42%.
Looking at the daily chart above, the high price at 12359.13 has moved above the 100-day moving average at 12348.92. The last time the price closed above its 100-day moving average was on January 4. The price tested the 100-day moving average in early/mid-January and again in late March and early April.
A move above and a hold above is needed to increase the bullish bias going forward from a technical perspective. There may also be sellers against the moving average as risk can be defined and risk limited.
The next major target is at the midpoint of the 50% decline from the late March high at 12606.02.
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