Stocks move to new highs

Technical Analysis

Major indices are now positive

The major stock indices have turned positive after the FOMC meeting minutes.

  • The S&P is up 4.33 points or 0.15% at 2747.92
  • The NASDAQ is a 14.7 points or 0.2% 7306
  • The Dow industrial average is up 49 points or 0.11% 25415

for the NASDAQ index the price after trading above and below the 200 hour moving average earlier in the day, is now moving away from that moving average level (green line in the chart below). The 200 hour moving average comes in at 7249.62.  Stay above is more bullish.

The next target is the 38.2% retracement of the move down from the October 3 high. That comes in at 7318.49. The swing high from November 13 comes in) comes in near that level as well. 

For the S&P index, the price high has reached 2748.61. The 200 day MA comes in at 2761.78.  It may not get there today but that MA will be a key level going forward.

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