The major US indices are mixed in early US trading. The Dow industrial average is down. The S&P index is trading above and below unchanged and the NASDAQ index is marginally higher. Shares of Nvidia are also marginally lower after reporting earnings after the close yesterday.
A snapshot of the market currently shows:
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Dow Jones Industrial Average (DJI): 45,493.95, -71.28 (-0.16%)
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S&P 500 (SPX): 6,476.84, -4.56 (-0.07%)
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Nasdaq Composite (IXIC): 21,594.42, +4.28 (+0.02%)
The S&P closed at a new record yesterday. It was the 19th record close for the index this year. The price is also looking toward the 6500 level on the upside.
The NASDAQ index is still below its record high close of 21713.14 reached on August 13.
From a technical perspective, the NASDAQ index is holding above its 100-hour moving average at 21,483.92. A sustained move back below that level would be needed to tilt the advantage back toward sellers.
Last Wednesday, the index slipped beneath both the 100- and 200-hour moving averages, raising downside concerns. However, following Fed Chair Powell’s speech at Jackson Hole on Friday, buyers stepped back in, driving the index back above both moving averages. That recovery has shifted the short-term bias back to the upside, with the 100-hour average now serving as a key barometer for direction.
This article was written by Greg Michalowski at investinglive.com.