The major US stock indices are trading near highs with the Dow industrial average up near 500 points or 1.39%, and the NASDAQ index up near 200 points or 1.31%.
The Russell 2000 index up small-cap stocks are leading the way with a gain of 48.57 points or 2.27% on the day.
For the NASDAQ index, it is back up testing its 100 day moving average at 15171.95. The high price just reached 15182.14 (and backed off a bit. The 50% of the range since the October low is at 15196.96. Getting above each of those levels would increase the bullish bias.
Looking at the S&P index, it is taking above its 50 day moving average at 4612.94. The current price is trading at 4618.48.
Looking at the best performer today – the Russell 2000 index - it has been the worst performer of late falling some 14.2% from its November high. However, the low price reached yesterday stalled near the low going back to July 19. Finding support against that level gave the buyers some hope. Today we are seeing a reward for those dip buyers
Taking a look at other markets as London/European traders look to exit shows:
- Spot gold is trading down around three dollars or -0.16% at $1787.13.
- Spot silver is up $0.21 or 0.95% at $22.46.
- WTI crude oil futures are trading at $70.87 that's up to dollars and $0.23 or 3.25%
- Bitcoin is still trading around the $49,000 level at $48,700
In the US debt market, yields remain elevated with the 10 year yield up 6.3 basis points and the 30 year yield up 6.9 basis points. The U.S. Treasury will auction off 20 year notes at 1 PM ET:
Finally looking at the forex, the NZD and AUD are leading the way on the upside, while the JPY and CHF are leading the way to the downside.
