S&P index moves back above the 50 day MA
Up 0.86% on the day
The US major indices are moving sharply higher and in the process, the price of the S&P index is moving back above the 50 day MA at 2356.38 (currently trade at 2358.20 up 0.86% on the day).
Last week, the index fell and closed below the 50 day MA for the first time since the November election. For the 5 trading days, the close has been below that line. If we continue to see more buying into the close, we will see that string break. That would be more bullish from a technical perspective and once again frustrate those traders looking for a sustained decline in US stocks.
With Trump talking about saving the timber, lumber, steel, energy industries, and Treasury Secretary Mnuchin now speaking about taxes and growth, those are the words that the market loves to hear. A few hours of trading left in the trading day. We will see if the momentum can be maintained above the key MA level.
The other indices are also moving higher with the Nasdaq up 1.02% now and the Dow up 1.08%. Happy days are here once again.