The major US stock indices rebounded after its first declining week last week in over 2 months (9 week win streak). The Nasdaq index surged over 319 points or 2.20%. The Dow Industrial Average which was dragged down by Boeing shares (down $-20.26 or -18.1%) still closed higher by 0.58%.
A snapshot of the final levels shows:
- Dow Industrial Average up 216.90 points or 0.58% at 37683.00
- S&P index up 66.32 points or 1.41% at 4763.55
- Nasdaq index up 319.69 points or 2.20% at 1843.76
The small-cap Russell 2000 index surged by 37.86 points or 1.94% at 1989.00.
The S&P index is now down only -0.13% on the year. The NASDAQ index is still down -1.1%. The Dow Industrial Average is now unchanged.
It winners today included some of the big winners in 2023:
- Adobe, +2.81%
- AMD +5.47%
- Nvidia +6.46%
- Apple +2.44%
- Amazon +2.69%
- Coinbase 3.53%
- Intel +3.28%
- Salesforce +3.94%
All those shares outperformed.
Technically, the Nasdaq index broke above it 200-hour moving average 14624.64 and is running toward its 100-hour moving average at 14877.86. The price closed within 44 points of that moving average level. If the buyers are to take more control and feel more confident about the upside, getting above that moving average is required.
Nasdaq index moves toward its 100 hour moving average
The S&P index DID move back above its 100-hour moving average today at 4745.82. Staying above that moving average going forward is required to keep the buyers in control technically.
Recall that toward the end of December, the price of the S&P got within 3.2 points of the all-time high closing level at 4796.57 (the high price reached 4793.30 before rotating to the downside). The price is only 1.19% away from that all-time high close level. Does the market make a run toward that level to start the trading year?
S&P index is back above its 100 hour MA