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US stocks finish at the highs of the day but it's a minor rebound

S&P 500 up 15 points to 2021

There were good signs in the US stock market as the S&P 500 rallied 0.8% but it only took a small bite out of the sharp two-day decline late last week.

Technically, the climb hardly qualifies as a retracement. It will need to rise to 2040 just to hit the 38.2% Fibonacci from the Thurs/Fri decline. Given the strong close, I like the upside in the day ahead. It's one of the best seasonal periods of the year.

In the bigger picture, the 21-day moving average is about to fall below the 200-dma but the 55-dma is trending towards a rise above the 200-dma.

On the downside, the 1994/2000 zone is critical.

A final level to watch is 2058. That was the closing level on Dec 31, 2014 and is the difference between a small gain and a small loss on the year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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