Nasdaq up over 1% on the day now
The US stocks are looking good as the week moves toward the end (knock on wood). The Nasdaq is up by over 1% now at 7708.43 (above 7700 level). The S&P index is making a break away from the 2817 area ceiling that has put a lid on rallies going back to October (see chart below ….and also away from 2800 level). Bullish.
The S&P and Nasdaq have been up 4 of 5 days this week (if it holds onto gains today). They also have erased the 5 days of declines in the process from last week’s trading. That is good news.
Here’s a similar look from the Nasdaq index.
What will be eyed going forward if the indice can go higher, is if two ex 1T market cap stocks can join more in the rally.
Amazon, which cracked $2000 in 2018, is still below its 200 day MA at $1729.60. A move above that MA (and staying above) would be more bullish.
Apple, which peaked at $233.47 before crashing to $142 in January, has recovert to 186.83 and just below its 50% at $187.73 and 200 day MA at $199.67.
If the market has legs, those bellweather will need to join in the fun.