S&P and Nasdaq both back above 50 day MA
The broader stock indices continue to run higher with the Nasdaq index running over 100 points higher from its low. The S&P index is 31 points from its low.
Looking at the Nasdaq chart, the price has moved above from a low of 7826 to a high of 7932. The index is currently trading up 1.4% on the day. Technically, the price moved back above its 50 day MA at 7861 and the underside of a broken trend line at 7914. Staying above each, will now keep the buyers/bulls in control.
For the S&P index, it too is up sharply from the lows today. The low reache 2855.80. The high just extended to 2886.79. In the process, it too moved back above its 50 day MA at 2866.47. The underside of it’s broken trend line remains a target above at 2891 currently (see chart below).
The bulls are taking back more control, with the moves back above the 50 day MAs. Stay above, and that control remains. Move below, and there may be a swing back toward some fear. However, the market has looked 25% tariffs in the face this week and said “We are not that bothered”.