Dow lags
The US stock market is opening with gains in early trading.
The Nasdaq is leading the charge. The more multi-national Dow 30 are lagging. That was the pattern yesterday (in a down day) as trader fear China retaliation against the biggest multinationals.
- S&P is up 8.6 points or +0.32% at 2771
- Nasdaq is up 46 points or 0.6% at 7772.78
- Dow is up 54 points or 0.23% at 24750.
Looking at the Nasdaq, the index is trading at new all time highs. Yesterday, the price decline based against its 100 hour MA (blue line in the chart below). Today the price gapped higher to test and move above last week's highs.
The holding of the 100 hour MA is not in play, but the successful hold yesterday, increases that MAs importance going forward (see blue line in the chart above). A break below would be more bearish going forward. Until then, the bulls are in control.
