S&P is back in the black for the year

Technical Analysis

The end of year close is at 3230.78

The S&P is back in the black for the year. The end of year level came in at 3230.78. The pair is currently trading at around 3245.  

Looking at the hourly chart, the index has been consolidating mainly between the 100 hour MA below (currently at 3219.26) and the 50 hour moving average currently at 3244.51. The high today has been able to peek above the him 50 hour moving average. Get and stay above would be more bullish.

The NASDAQ index is also moving higher today. It is currently up 113 points or 1.07%. Looking at its hourly chart, it remains below its 100 hour moving average at 10541.56. The 50 hour moving averages above that at 10564.218 currently.

The big tech companies including Amazon, Alphabet, Apple and Facebook will be under the microscope on Capitol Hill starting at the top of the hour for anticompetitive practices. That could make a break indices like the NASDAQ. The technical levels will help show the way.

Nasdaq index

Where are the thing for trading at ahead of this hearing?

  • Apple is trading up $4.93 or +1.32% at $377.94. Recall the shares peaked just below the $400 level earlier this month.
  • Amazon is trading at $3021.88, up 0.72%
  • Facebook is trading up $1.52 or 0.66% at $231 and 6 $0.04
  • Alphabet is trading up $14.14 or 0.94% at $1517.79

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