NASDAQ index erases losses and trades in positive territory

The Nasdaq index has now erased its -127 point decline and trades positive on the day.

The index is currently up 12.74 points or 0.09% at 14857. The rise puts the price closer to its 100-hour moving average at 14876.83. A break above the 100-hour moving average would be a positive tilt.

Recall from Tuesday, January 2, the price gapped lower from end-of-year levels and quickly moved below its 100 hour moving average in the process. Getting above that level would have traders focusing on filling the gap from the end-of-year closing level at 15011.34.

The S&P index and Dow Industrial Average remain in negative territory but having erased bigger declines.

  • S&P index is down -6.44 points or -0.14% at 4756.90. At session lows today, the S&P index was down -33.20 points.
  • Dow Industrial Average is down -175 points or -0.46% at 37506.60. At session highs today the Dow Industrial Average was down -309.72 points

European traders are looking for the exits. Their indices all are closing in negative territory with Spain’s Ibex the worst performer at -1.46%. UK FTSE 100 fell -0.13%.

US yields are mostly higher with the shorter up the most:

  • 2-year yield 4.372% +2.8 basis points
  • 5-year yield 3.969% +1.4 basis points
  • 10 year yield 4.011% +0.9 basis points
  • 30-year yield 4.176% +0.2 basis points

This article was written by Greg Michalowski at Source