The S&P index is at present buying and selling close to session highs, up 60.44 factors or 1.39% at 4407.92, and within the course of has damaged above its 100-day shifting common of 4402.47 (see the blue line within the chart above).
The final time it traded above this shifting common was on September 20, after which it gapped under it the next day, remaining under it till now. During this era, the index reached its low on October 27 at 4100.51. From that low to at the moment’s excessive, the index has risen by 7.4% over 10 days of buying and selling.
Similarly, the NASDAQ index has additionally climbed again above its 100-day shifting common (blue line within the chart under), at present at 13617.84. Although it briefly closed above this stage on Tuesday and Wednesday, it could not surpass the excessive worth from October 12 at 13714.14. Yesterday, a sell-off pushed by Chair Powell’s feedback and a difficult 30-year public sale pushed the value under the shifting common. However, at the moment’s robust rally, with the index up 253 factors or 1.87%, has not solely taken it above the 100-day shifting common but additionally above the excessive worth from October. Bullish.