Stocks soar. Nasdaq recoups week’s losses.

Technical Analysis

S&P and Nasdaq back above key MAs

The US stocks have staged an impressive rally today, a day after erasing steep declines yesterday and closing higher (for the broad indices at least). 

The S&P and Nasdaq indices retraced back above their 100 and 50 day MAs, and are also closing above the 50% retracement of the move down from the July 26th’s highs.  

For the S&P, the 100 day MA comes in at 2903.20, and the 50 day MA comes in at 2933.86. The price closed at 2938.11, up 54.13 points or 1.88%.  

For the Nasdaq, the 100 day MA was broken at 7934.76 and the 50 day MA at 7992.58.  The index closed at 8039.156 up 176.33 points or up 2.24%.

For the Dow, it moved back above its 100 day MA at 26287.28 (but remains below the 50 day MA at 26527.01). It closed the day up 371.12 points or 1.43% at 26378.19.

Below is a summary of the % changes and high/low ranges for the NA and European major indices.  All the major indices closed near the highs for the day. Apart from the UK FTSE, the indices also traded higher from the opening bells.   

Big day for stocks.  

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