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.
