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US stocks look to extend higher for the 3rd consecutive day

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The major US indices are opening mixed with the NASDAQ index leading the way. The Dow industrial average is lagging.

Each of the major indices are up for 2 consecutive days. Yields are moving lower which is helping the overall tone as traders hope for a more softer Fed next week. Key earnings from Meta, Apple, Amazon, Microsoft will be released tomorrow and Thursday.

A snapshot of the market 9 minutes into the open is showing:

  • Dow industrial average -21 points -0.07% the 31477.26
  • S&P index up 8.45 points or 0.23% at 3806
  • NASDAQ index up 62.5 points or 0.57% at 11014
  • Russell 2000 up 12.10 points or 0.69% at 1760.49

NASDAQ index moves away from its 200 hour moving average

Looking at the NASDAQ index from the hourly chart, the price is moving away from its 200 hour moving average at 10902.98. The break above the 200 hour moving average is the 1st time the price has traded above that moving average since August 26. Stay above the moving average would keep the buyers in control in the short-term. The high price from October 6 at 11230 and the 38.2% retracement of the move down from the August 16 high at 11270 would be the next targets on further upside momentum.


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