The main US indexes closed solidly higher, thus ending multi-day losing streaks.
The Dow Industrial Average snapped its 4-day losing streak. For the broader S&P and NASDAQ indices,. both snapped a 5-day streak.
For the trading week, the indices close lower.
A snapshot of today’s closing levels shows:
- The Dow Industrial Average rose +339.86 points or 0.80% to 42732.13
- S&P index +73.92 points or 1.26% to 5942.47.
- The NASDAQ index rose by +340.80 points or 1.77% to 19621.68.
The small-cap Russell 2000 closed up 36.80 points or 1.65% at 2268.47 points.
For the trading week:
- Dow Industrial Average down -0.60%
- S&P index fell -0.48%
- NASDAQ index down -0.51%
- Russell 2000 up 1.0639%
From a technical perspective, the NASDAQ is closing above its 200-hour moving average at 19586.59. As we enter a new trading week, the bearish 100-hour moving average remains targeted at 19734.66. The index closed the day at 19621.68.
For the S&P, its decline from the 100-hour moving average is 5973.89 (blue line in the chart below). That will be the first upside target followed by the 200 hourly moving average (green line on the chart below) at 6001.91. A break above both of those moving averages is needed to increase the bullish bias for the broader S&P.