Major indices have moved to new session highs. The Dow industrial average leads the chart with the gain of 0.87%. The S&P and NASDAQ are running neck and neck with a rise of 0.68%.
Even the small-cap Russell 2000 is which along nicely with a gain 0.80% today.
Chatter that there is deals on the horizon have helped. The concessions made to the auto industry I think are also a positive.
Technically, the NASDAQ index has extended to a high of 17,497.62, testing a key technical hurdle near the 50% midpoint of the decline from the December all-time high. A break above this level would strengthen the bullish bias. Last Thursday, the NASDAQ moved above its 200-hour moving average for the first time since February 21; that moving average is currently at 17,631.76. The index had previously fallen below the 200-hour moving average on February 20. Overall, technical progress is being made in the technology-driven NASDAQ, with important resistance levels now coming into focus.
This article was written by Greg Michalowski at www.forexlive.com.
