US stocks rebounding to the upside led by the NASDAQ index | Forexlive

The major US stock indices are moving to the upside led by Nvidia whose shares are up 11.6% in early US trading.

A snapshot of the major indices 13 minutes into the opening is showing:

• Dow Industrial Average up 109.06 points or 0.33% at 33154.16
• S&P index up 25.69 points or 0.64% at 4016.75
• NASDAQ index up 98.45 points or 0.86% at 11605.52
• Russell 2000 up 15.25 points or 0.81% at 1909.93

Looking at the hourly chart of the S&P index below, the low price yesterday extended toward the 50% midpoint of the move up from the December low to the February 1 high. The level comes in at 3979.96. The low price yesterday reached 3976.90 just below that level before bouncing higher. On the top side the broken 38.2% retracement comes in a 4030.82. That would be the next target followed by the 200 hour moving average (green line in the chart below) at 4052.83.

In the US debt market, yields a mixed:

• 2 year 4.716%, +1.7 basis points
• 5 year 4.146% +1.4 basis points
• 10 year 3.927% +0.4 basis points
• 30 year 3.907% -2.0 basis points