Stocks continue run to the upside. S&P up 2%. Nasdaq pushes toward 3%

The buying in stocks is continuing with the S&P now up over 2.0%. The NASDAQ index is getting closer to up 3% on the day.

A snapshot of the market currently shows:

• Dow industrial average up 537 points or 1.67% at 32657.52
• S&P index up 82.48 points or 2.07% at 4061.22
• NASDAQ index up 321.81 points or 2.81% at 11756.55
• the Russell 2000 is up 44.81 points or 2.49% at 1843.98

Looking at the hourly chart of the  NASDAQ  composite index below, the index has moved back above its 100 hour moving average currently at 11575.34. That is now a close risk level for the index. Stay above is more bullish.

Recall that on May 5, the price moved up to that moving average level and found willing sellers. The price has not been above that moving average since that day.

The S&P index also moved away from its 100 hour moving average today at 3978.87