The weaker data has traders thinking the Fed might be on hold going forward. Yields are lower. Stocks are higher.
Both the S&P index and the NASDAQ index have ventured above their 50 day moving averages.
- The 50 day moving average on the S&P is at 4460.85. The price is currently trading at 4466.27 up 32 points or 0.72%
- The 50 day moving average on the NASDAQ index is at 13815.65. It is currently trading at 13871.73
Staying above the moving averages increases the bullish bias, and puts the buyers more in control. The moving average represents a key barometer for both buyers and sellers going forward. Staying above is more bullish. Moving below is more bearish.
This article was written by Greg Michalowski at www.forexlive.com. Source