The S&P index trades above its all-time high closing level

The S&P index is on pace to close at a new all-time high closing level. That level comes in at 5137.07. The current price is trading at 5148.30 up 43.5 points or 0.86%. The high price today reached 5155.37 reaching a new intraday high price.

Drilling down to the hourly chart, the fall on Tuesday took the price of the S&P index down to test its rising 100-hour moving average (blue line on the chart below). The price got within sniffing distance of that moving average but found willing buyers. On Wednesday, the price gapped higher and closed higher. Today the price gapped higher once again reaching the new all-time intraday high.

Looking at the other indices, the NASDAQ index is currently trading up over 206 points or 1.31% at 16240. That is just off the high price of 16242.74. The high closing level for the NASDAQ was reached on Friday at 16274.94. The price is within 32 points of that all-time high closing level.

This article was written by Greg Michalowski at Source