The major indices are all trading near highs for the session.
- The Dow industrial average is up 200 points or 0.55% at 36268
- S&P index is up 42 points or 0.90% at 4712.28
- NASDAQ index is up 214 points or 1.43% at 15157
- The Russell 2000 is up 23.83 points or 1.09% at 2194.80
Looking at the S&P chart, the index moving closer to a swing high area between 4718.50 to 4739.72. That area is home to a number of swing highs going back to November and December. In December, the price extended above that area on its way to the all-time high price of 4818.62, but moved back below the area on January 5 and has stayed below since that break.
Will traders leaned against that level and push the price back down toward key support near the 100 day moving average (blue line in the chart above)?
The 100 day moving average held support on two separate occasions in December and got closer to the level during trading yesterday. However it found support buyers near the MA line on each occasion.