The US broader stock indices stretch to new highs

The broader stock indices have extended to new session highs and continue to retrace some of the declines seen yesterday.

• The S&P index fell -1.46% yesterday. It is currently up 47.06 points or 0.78% in trading today.
• The NASDAQ index tumble by -3.07% yesterday. It is currently up 333 points or 1.72%.

So although the gains are less than the declines seen yesterday, it still is an impressive rebound.

Technically, looking at the S&P index, it’s low price yesterday stalled near the 100/200 hour moving averages. Both of those moving averages are currently near converged at 5970 area. With the current price at 6058, the pressure is off. The next upside target comes against the low price from last Wednesday at 6077.90.

For the NASDAQ index, it gapped below the 200 and 100-hour moving averages yesterday, but is now rebounding back above those moving averages. The 100-hour moving average is at 19547.90. The 200-hour moving average is at 19641.22. The current prices trading at 19681.90. If the price can stay above those moving averages, it would keep the buyers in play/control at least in the short term (and disappoint the sellers)

Price action will also be dependent on the earnings calendar which includes and the Fed decision at 2 PM tomorrow:

• Tuesday, January 28: Starbucks, SAP, Stryker
• Wednesday, January 29: Progressive, T-Mobile, ADP, General Dynamics, Tesla, Meta, Microsoft, IBM, Lam Research, ServiceNow
• Thursday, January 30: UPS, Mastercard, Dow, Nokia, Southwest, Caterpillar, Comcast, Apple, Intel, Visa
• Friday, January 31: ExxonMobil, Chevron, Colgate-Palmolive, Phillips 66

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