S&P testing/moving above the 100 hour MA | Forexlive

The S&P index is trading at session highs. In doing so, the high price reached 4122.47. That has now taken the price above its 100 hour moving average at 4119.79.

Recall on Tuesday, the price opened just above that moving average (at 4121 area) only to fall below and tumble down to a low of 4049.35 on Wednesday. Today the price gapped higher and has continued to run to the upside – now reaching the 100 hour moving average.

There should be some stall near the level. If it does not we could see they further run to the upside, as buyers pile on.

Overall the big earnings this week has been pretty good. Admittedly, earnings had been marked down, and expectations are still cautious, but Microsoft earnings or strong. Meta came through yesterday. Amazon will report after the close and that may be an issue, but with the consumer still happily spending, who knows?

Meanwhile the NASDAQ index is up around 260 points or 2.18% (largest % increase since March 16) and running further away from its 100 hour moving average at 12052.17 (trades at 12112.18).

The Dow industrial averages is up 417 points or 1.27%. If it closes above that level would be the largest percentage increase since January 6.

PS the S&P index again today is the largest since March 16, 2023