Major US indices snap losing streaks

Major US indices are closing solidly higher and in doing so are snapping multi-day losing streaks.

For the Dow Industrial average it snapped its 4-day losing streak. For the broader S&P and NASDAQ indices,. they both snapped 5-day losing streaks.

For the trading week, the indices are closing lower.

A snapshot of the closing levels today shows:

• Dow industrial average up +339.86 points or 0.80% at 42732.13
• S&P index +73.92 points or 1.26% at 5942.47.
• NASDAQ index up +340.80 points or 1.77% at 19621.68.

The small-cap Russell 2000 closed higher by 36.80 points or 1.65% at 2268.47.

For the trading week:

• Dow industrial average fell -0.60%
• S&P index fell -0.48%
• NASDAQ index fell -0.51%
• Russell 2000 rose 1.0639%

From a technical perspective, the NASDAQ index is closing above its 200-hour moving average at 19586.59. As we head into the new trading week, the falling 100-hour moving average remains a target at 19734.66. The index closed the day 19621.68.

For the S&P index, its falling 100-hour moving average comes in at 5973.89 (blue line on the chart below). That will be the first upside target followed by the 200-hour moving average (green line on the chart below) at 6001.91. Getting above both those moving averages is needed to increase the bullish bias for the broader S&P index.

This article was written by Greg Michalowski at www.forexlive.com.