The major US stock indices are trading near highs. The NASDAQ index is leading the way with a gain of 2.26% currently. That's up around 520 point on the day at 23524. The gain is the largest since May 27 when the index rose by 2.47%. The index rose by 2.21% on October 13.
Looking at the hourly chart, the price moved sharply higher at the open today, and traded above its 100 hour moving average at 23406.20. A corrective move in the morning session took the price to a low for the day at 23290.09 and back below that moving average. However that level was comfortably above the high from last Thursday near 23241.83. The move back above the 100 hour moving average gave buyers the go-ahead to push more to the upside.
The next target on further upside momentum comes near to 23637 which is near high prices from Tuesday, and Wednesday from last week. It was also near lows from Friday, October 31 (see red numbered circles on the chart above).
Extend above that area and the price is back within the extreme area that said the all-time high at 24019.99 back on October 28.
The S&P is up 100 points or 1.49%. The Dow industrial average is up 364 points or 0.77%
Some winners today include
SoFi Technologies: +9.40%
Papa John’s: +9.20%
Palantir: +9.17%
Celsius: +8.14%
Micron: +6.79%
Western Digital: +6.77%
AMD: +5.24%
Robinhood Markets: +5.22%
NVIDIA: +5.19%
Lam Research: +4.10%
Alphabet A: +4.07%
