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The broader US stock indices are set to open modestly higher with the NASDAQ up 60 points in premarket trading and the S&P index up around 10 points. Yesterday, the S&P closed above its 100 day moving average for the 1st time since March 4. That moving average currently comes in at 6804.01. The closing level yesterday was at 6824.66. Staying above that moving average is more bullish technically. The price has closed below that key moving average for 23 consecutive days.For the NASDAQ index, the price remained below the 100 day moving average at 22900.39 at the close yesterday. The closing level yesterday was at 22822.42 – around 78 points short of the moving average level. With the premarket price up around 60 points, the index will still be short of the key technical target, but within shouting distance. Getting stay above that level would be a positive from a technical perspective. The price has closed below its 100 day moving average for 40 consecutive days (since February 10).
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The S&P’s close above its 100-day moving average is a bullish signal, but traders need to watch for follow-through. This breakout could indicate a shift in momentum, especially with the NASDAQ showing strength in premarket trading. If the S&P can maintain this level, it might attract more buyers, pushing it toward resistance levels that could trigger further gains. However, a failure to hold above this moving average could lead to a quick reversal, so keep an eye on volume and market sentiment. The broader context of economic indicators, like inflation and interest rates, could also play a role in sustaining this upward trend. Watch for any news that could impact market psychology, as that could lead to volatility in both equities and correlated assets like tech stocks or even cryptocurrencies, which often react to broader market trends.
📮 Takeaway
Monitor the S&P’s ability to hold above the 100-day moving average; failure to do so could signal a reversal.
