The major US stock indices are opening higher and erasing most of the declines from Friday’s plunge:
- Dow industrial average is up 527 points or 1.78% at 30162
- S&P index is up 76.0 points or 2.12% at 3659
- NASDAQ index is up 264 points or 2.57% at 10,584
The S&P last week closed just below its 200 week moving average. That moving averages at 3605 this week. The open has taken the price back above that moving average level. Despite the ups and downs around the moving average level it still remains a key barometer from a technical perspective. Stay above is more bullish. Move below would be more bearish.. The low price last week dipped briefly below the 50% midpoint of the move up from the March 2020 Covid low and 3505.24.
The Dow industrial average is back above the 30,000 level.
This article was originally published by Forexlive.com. Read the original article here.