100 day MA for S&P at 2700.48 today
The US major indices are trading higher today. We can thank a surge in subscriptions on Netflix for giving the stocks a boost. Netflix is up over 7% and around 70% in 2018. Technology shares are following the leader.
Tech is up and leading, but all the major indices are enjoying decent gains.
- S&P is up 21.90 points or 0.82% at 2699.78.
- Nasdaq is up 85 points or 1.19% at 7241
- Dow is up 225 points or 0.92% at 24799
For the S&P the 2700.48 level is a key target today.. That is the 100 day MA. The high has reached 2701.98 so far today. It's trying to push above.
The S&P price has not closed above the 100 day MA since March 21. The move lower - after that break lower - took the price below the 200 day MA (currently at 2601.61), and even closed below the MA line on one day. However, those breaks failed.
A move back above (and close above) the 100 day MA would be more bullish for the broad market.
The Nasdaq composite index has already moved back above its 100 day MA at 7129.85 currently. Being above is more bullish for the tech stocks.
For the Dow 30 stocks, its 100 day MA comes in at 24811.40 today. The high so far today extended to 24837.95 - above the key MA level. However, the price is currently trading back below that MA level. Like the S&P, a close above is more bullish technically.
