US stocks open sharply higher after the better-than-expected CPI | Forexlive

The major indices are opening sharply higher:

• S&P index is trading at around 4080. That is still short of the high price from December 1 at 4100.51. That level is the next upside target on continued upside momentum, followed by the 50% midpoint of the 2022 trading range of 4155.10. The high price for the day so far reached 4096.25. On the downside, the gap higher has taken the price above the 200 day moving average of 4034.01. That moving average is now solid support. If the buyers are to start to take more control in the broader S&P index, staying above the 200 day moving average is paramount from a technical perspective

• The NASDAQ index is currently trading at 11500 up 353.2 or 3.22%. It’s gap opening took the price above the 100 day moving average at 11466.74. The 100 day moving average will now be close support. Stay above is more bullish. If the buyers are to keep control control, the 200 day moving average at 11943.17 would be the next key upside target. The price has not trade above the 200 day moving average since January 13