As the market digests the US jobs report, the stock market is casting its vote. The major indices were much lower in premarket ahead of the jobs report. Since then, all of those declines have been retraced. The major indices are opening marginally higher. The NASDAQ was down over -200 points in premarket trading. So the small gain is a result.
A snapshot of the market currently shows:
- Dow industrial average is up 121.41 points or 0.32% at 40892.
- S&P index is up 9.62 points or 0.17% at 5513.68
- NASDAQ index is up 5.12 points or 0.02% of 17133.
The small-cap Russell 2000 is also higher with a gain of 4.23 points or 0.19% at 2136.19
For the trading week as the week comes to a close, the major indices are lower led by the NASDAQ index:
- Dow industrial average -1.47%
- S&P index -2.31%.
- NASDAQ index -3.3%
For the NASDAQ index, it stalled yesterday near its 200-hour moving average on the topside and rotated to the downside. The 200 hour moving average comes in at 17276.02. The price needs to get above that moving average to give the buyers more confidence. Absent that and the sellers are more in control still. On the downside, the 16984 – 17033 area is key support (yellow area on the chart below).