US stocks trading near highs as the day works toward the close

The major US stock indices are trading near their highs for the day. A snapshot of the market currently shows:

• Dow industrial average up 352.54 points or 1.01% at 35447.29
• S&P index up 34 points or 0.75% at 4518.00
• NASDAQ index up 158.18 points or 1.13% at 14174 point

Looking at the Dow industrial average, the price is back above its 100 day moving average at 35377.21. Last week, the price moved above that level on its way to a week high of 35679.20 on Wednesday.

The index moved back below that moving average line and 200 hour moving average on Friday before closing between the two moving averages to close the trading week.

During yesterday’s trade, the price trade between the two moving averages and today, the price has moved back above the 100 day moving average (blue line).

Looking at the broader S&P 500, it too tried to extend above its 100 day moving average last week only to on the Thursday and into Friday the low price on Friday stalled just ahead of its lower 200 day moving average (currently at 4447.46). With the price trading between its 100 day moving average above and its 200 day moving average below, the buyers and sellers are battling it out for control. It would take a move above the upper limit or a move below the lower limit to tilt the bias in the direction of the break.