US stocks are moving higher with the Nasdaq index leading the charge

As the trading week get started, the broader indices are leading the way. The NASDAQ index is up 1.5%. The S&P index is up close to 1.0%.

A snapshot of the market seven minutes into the open is showing:

• Dow Industrial Average 96.25 points or 0.25% at 38813
• S&P index up 49.24 points or 0.96% at 5166.34
• NASDAQ index up 244.69 points or 1.53% at 16217.86

The small-cap Russell 2000 is also higher with a gain of 3.07 points or 0.15% at 2042.36.

Levels to be aware of:

• SAP all-time high close: 5175.28
• NASDAQ all-time high close: 16,274.94
• Dow all-time high close: 39131.54

The Nvidia developers conference is taking place today. Its shares are up $43 or 4.89% at $921.03.

Other winners today include:

• Super Micro Computers up $67. 00 or 6.20% at 1135.75
• Meta Platforms is trading up $5.70 or 1.15%
• Google/Alphabet is trading up $9.60 or 6.79%
• Apple is trading up $3.76 or 2.18%
• Tesla is trading up $3.50 or 2.15%
• Adobe is up $10 or 2.01%
• Amazon shares are up 0.96%

Looking at the US debt market:

• 2-year yield 4.75%, +0.3 basis points
• 5-year yield 4.332%, +0.9 basis points
• 10 year yield 4.310% +0.6 basis points
• 30-year yield 4.437% +1.0 basis point

In the forex, the major currency pairs remain within the ranges at the start of the New York session. Those ranges are narrow with:

• EURUSD: 27 pips
• GBPUSD: 22 pips
• USDJPY: 42 pips
• USDCHF: 24 pips
• USDCAD: 30 pips
• AUDUSD: 20 pips
• NZDUSD: 20 pips

The EURUSD is trading lower in the US session and is trading near unchanged on the day. The price tried to extend above 1.0900, but fell short of it falling 100-hour moving average 1.09108. On the downside, the 38.2% retracement of the move up from the mid-February low comes in at 1.08712 and is the next key target to get to a through to increase the bearish bias.

The USDJPY is trading up and testing its 61.8% retracement of its move down from the February high at 149.196. Getting and staying above that level is needed to give the buyers more confidence.

The GBPUSD has resistance on the topside at the 50% midpoint of the move up from the March 1 low. That level comes in at 1.2746. On the downside, the rising 100 bar moving average on the 4-hour chart comes in at 1.27256. The current price is trading at 1.27316.

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