Indices Stocks Support & Resistance

S&P index turns positive. NASDAQ index erases most of its declines

The US stocks are moving higher helped by lower rates (2 year 4.436%, -3.2 basis points. 10 year yield 4.023% -8.7 basis points), and the rate pivot by the Bank of Canada. Instead of raising rates by 75 basis points, they raised by the lower 50 basis point.

Recall the Reserve Bank of Australia raised rates by 25 basis points instead of 50 basis points at their last meeting (on October 4).

Will the Fed follow suit?

A snapshot of US stock market currently shows:

  • Dow industrial average up 222 points or 0.69% at 32059
  • S&P index up 7 points or 0.18% at 3866.21. The low price reached 3824.07
  • NASDAQ index down 64 points or -0.58% at 11134. The low price reached 10948.38.

The move back to the upside comes despite the declines from Microsoft and Google which reported their earnings last night and gave a less than rosy perspective of the future. Microsoft is down around -6%. Alphabet is down -6.83% but they are off there lows as well.

The small-cap Russell index is doing the best with a gain of 28.23 points or 1.57% at 1824.35. Recall from yesterday, I did a post on the ARK Innovation technicals (see: Have a hunch? ARK Innocation fund has limited risk.). Today, that ETF is trading up $1.33 or 3.49% and powered through the 200 hour MA at $38.01 (currently trades at $39.09).

This article was written by Greg Michalowski at forexlive.com.


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