The major stock indices are moving higher at the US open. The gains are led by the NASDAQ with a gain of 1.30%. That has taken the price of the Nasdaq index, back above its 200 hour moving average at 17914.20. If the price can stay above that level, it would be a shift back to the upside technically (stay above the green line on the chart below).
Meanwhile, the S&P index on Friday fell but found support buyers near its 200-hour moving average at 5503.54 (green line in the chart below). Today’s move higher takes the price away from that moving average, and will have traders looking toward its higher 100-hour moving average at 5567.67. Get above that line (blue line in the chart below), and the pressure is further off the downside for the broad index.
A snapshot of the market nine minutes into the open is showing:
- Dow industrial average, +130.00 points or 0.32% at 40417
- S&P index up 49.30 points or 0.90% at 5553.57
- NASDAQ and up 225 points or 1.27% at 17952
The small-cap Russell 2000 is also higher by 12.42 points or 0.57% at 2196.80
This week earnings well start to kick into a new level. Two of the Magnificent 7 will announce with Tesla and Alphabet to release tomorrow after the close. In addition, other major releases include:
Tuesday:
- GM
- Coca Cola
- Tesla
- Alphabet
- Visa
- Texas Instrument
Wednesday:
- AT&T
- General Dynamic
- Chipotle
- Ford
- ServiceNow
- IBM
- Whirlpool
Thursday
- American Airlines
- Honeywell
- Southwest Airlines
- Juniper
- Deckers
Friday:
- 3M
The US yield curve is moving more negative as markets react to Biden leaving and a better chance for the Dems.
- 2-year yield 4.525%, +1.8 basis points
- 5-year yield 4.162%, unchanged
- 10 year yield 4.225%, -1.4 basis points
- 30-year yield 4.427%, -2.3 basis points
in other markets :
- Crude oil is lower by $0.84 at $77.78
- Gold is down -$7.50 or -0.31% at $2392.99
- Bitcoin is trading at $67,299. On Friday, the price closed at $66,705
This article was written by Greg Michalowski at www.forexlive.com.
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