US indices soar to new highs; S&P index above key moving average

The major US stock indices are now all in the black (Posiitve on the day( and also recently reached new session highs.

• Dow Industrial Average average moved to a high of 38783.78 up 212.74 points
• S&P index traded to a high of 5297.04, up 13.63 points
• NASDAQ index traded to a high of 16881.42, up 52.75 points.

Technically, the S&P index has been able to extend back above its 100-hour moving average at 5287.02. But remains just short of the Monday high at 5302.11. If the price can remain above the 100-hour moving average, that is more bullish (in the short term). However the price would need to get above the Monday high to increase the bullish bias.

Conversely fail and fall back below the 100-hour moving average, would likely lead to buyers turning to sellers once again..

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