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US equities continue to rise. Trade to new session highs


Major US indices are trading at new session highs. The Dow Industrial Average is up 579 points or 1.99%. The S&P index is up 75.7 points or 2.08%. the NASDAQ is also up 225 points or 2.08%.

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Looking at the NASDAQ on the weekly chart, the 200 week moving average sits at 11113.59. The high price just reached 11060.64.

This 200-week moving average will be a key target for traders to watch as the market moves closer to the week’s close on Friday.

Last week was the first close below this moving average since March 2020. A failure on the breakout lower would give buyers additional confidence for another technical bounce with the 50% midpoint of the rise from March. 2020 low comes in at 11421.82 as the next key target.

Looking at the Dow 30, its 200 week MA is at 29772.31. The highest price reached 29723.44. Like the NASDAQ index, a move and close above the 200 week moving average this week would be more bullish as traders would be disappointed with last week’s failed break.

Having 2% gains is a breath of fresh air. However, buyers are not off the hook. There are still plenty of potential headwinds as the US is still near highs, rates are still elevated and could impact growth. profits should still be under pressure and this could still make rebounds shallow and satisfied with selling, rather than a follow-on buy. I will look at charts and techniques for clues.

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

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