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- Stocks rally into the close, snatching victory from the jaws of defeat
- Major indices reverse a two-day decline
- The major indices are closing higher after a late-session surge pushed the Dow and S&P to new highs and reversed NASDAQ declines.
- Today’s biggest gainer was the Russell 2000 index.
- The final figures are as follows:
- The Dow industrial average rose 139.92 points, or 0.40 percent, to 34818.28.
- The S&P 500 index rose 15.45 points, or 0.34 percent, to 4545.87.
- The NASDAQ index rose 40.99 points, or 0.29 percent, to 14261.51.
- The Russell 2000 index gained 20.98 points, or 1.01 percent, to 2091.11.
- Looking at the major sectors in the S&P 500 index, today’s gainers included:
- Real estate, +1.9 percent; utilities, +1.4 percent; and materials, +1.1 percent.
- Today’s major decliners included: industrials, -0.8 percent; and technology, -0.3 percent.
- The Dow and S&P 500 were little changed for the trading week. The NASDAQ increased only slightly:
- Dow Jones Industrial Average, -0.07%
- The S&P 500 is up 0.07 percent, while the NASDAQ is up 0.63 percent.
- The S&P 500 index is closing the day just above its 100-day moving average at 4541.81, which is a positive technical development. Yesterday, the index fell back below that moving average level, but it has since risen back above it in today’s trading.
- The bad news is that the Dow industrial average is still below its 200-day moving average, currently at 34996.69.
- Technically, the NASDAQ index moved up to its 100-day moving average on both Tuesday and Wednesday, finding sellers ahead of the moving average level.
- The 100-day moving average is currently at 14599. A move above that moving average is required to shift the bias more to the upside.
- WTI crude oil futures settle at $99.27, a -$1.01 or -1.01 percent decrease.
- WTI crude oil futures are trading at $99.27 per barrel. This is a -$1.01 or -1.01 percent decrease.
- Today’s high price was $101.75, while the low was $97.78.
- The price was $113.90 a week ago today. The drop of $14.63 represents a -12.84 percent drop for the week.
- The week’s high was on Monday at $112.93, and the low was today in the $97.78 range. download hit a low of $98.44 in Tuesday’s trade before bouncing back to the upside.
- According to the hourly chart below, the March 30 high price has stalled right near its 100/200 hour moving averages (blue and green lines).
- The holding below those moving averages kept the sellers in play and contributed to a technical move back to the downside.
- EURJPY consolidates between 100/200 hour moving averages, the pair maintains March gains
- Yesterday, the EURJPY fell below its 100 hour MA for the first time since March 9th, testing a swing area between 134.61 and 134.86, as well as the rising 200 hour MA. The swing area was modestly broken, but the 200 hour MA could not be broken, and the price rose in the Asian session today.
- Today’s rise saw the price return to the 100-hour moving average (blue line), and while the price highs briefly surpassed the 100-hour moving average, the price was unable to maintain its upward momentum. The 100-hour moving average is currently at 135.72. The current value is 135.45.
- The pair appears to be heading for a break between the 100 hour MA above at 135.72 and the 200 hour MA below (green line) at 134.825. That will leave the flows from next week to determine the pair’s next move.
- A move above the 100-hour moving average would be more bullish.
- If the price falls below the 200-hour moving average, the bias will shift to the sellers in the short term.
- The battle between buyers and sellers continues between the levels.