The major US stock indices are moving higher at the open after the stronger jobs report from the nonfarm payroll perspective. The unemployment rate rose however, which helps to put a Goldilocks spin on the numbers.
A snapshot of the market shows:
- Dow industrial average of 330.63 points or 1.0% at 33392.21
- S&P index of 40.38 points or 0.96% at 4261.39
- NASDAQ index up 137.47 points or 1.05% at 13238.45
Nvidia shares traded higher with the market capitalization moving back above $1 trillion (UPDATE: but is finding some profit taking. The price is now down on the day….HMMMM).
Technically the S&P index is comfortably above its 100 week moving average at 4199 currently. A close above would be the 2nd week in a row above that key longer-term technical barometer.
S&P index looks to close above its 100 week MA again
The NASDAQ index is working on its 6th straight week to the upside. It based against its 100-week moving average this week at session lows. The 100-week moving average is at 12889.22. The low price this week reached 12889.37.
The price is currently above its 50% retracement of the move down from the all time high. That level comes in at 13150.53. It is also above the swing high from August 15, 2022 at 13181.09 and trades at the highest level since April 18, 2022. Bullish.
NASDAQ index is bullish