The buyers are entering the equity markets pushing the major indices higher at the open.
- Dow Industrial Average is up 110.08 points or 0.29% at 37634.17
- S&P index is up 11.05 points or 0.23% at 4767.24
- Nasdaq index is up 41.10 points or 0.28% at 14900.50
For the NASDAQ index, it is moving back above its 100-hour moving average of 14874.49 (blue line on the chart below). Getting and staying above that moving average tilts the technical bias or to the upside.
Recall from the first trading day of the year, the price gapped lower and moved below the 100 hour moving average in the process. The 200-hour moving average (green line in the chart below) was also broken, but Monday’s gains took the price back above that level.
US yields are lower helping the cause in US stocks a bit:
- 2-year yield 4.339% -3.4 basis points
- 5-year yield 3.950% -2.6 basis points
- 10-year yield 4.003% -1.3 basis points
- 30-year yield 4.179% -0.4 basis points
This article was written by Greg Michalowski at www.forexlive.com. Source