US Market Wrap for Thursday

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By :  ,  Financial Analyst

U.S. Market Wrap for Thursday

U.S Market Wrap for Thursday

US indices closed up on Thursday, lifted by the Health Care Equipment & Services (+2.99%), Semiconductors & Semiconductor Equipment (+2.68%) and Retailing (+2.62%) sectors. Roughly 19.4% of stocks in the S&P 500 Index were trading above their 200-day moving average and 92.2% were trading above their 20-day moving average. The VIX Index dropped 0.78pt (-1.91%) to 40.06, while Gold rose $1.35 (+0.08%) to $1718.37, and WTI Crude Oil declined $0.26 (-1.31%) to $19.61 at the close. 

The S&P 500 rose 16.19pts (+0.58%) to 2799.55. | Number of Advance: 37 | Decline: 468 | 52w high: 8 | 52w low: 1. 

The percentage of stocks in the S&P 500 trading above their 200d moving average reached 19.4% while the percentage of stocks in the index trading above their 20d moving average hit 92.2%.

The Dow Jones Industrial Average gained 33.33pts (+0.14%) to 23537.68. | Number of Advance: 5 | Decline: 25 | 52w high: 1 | 52w low: 0. 

The Nasdaq 100 jumped 165.87pts (+1.93%) to 8757.83. | Number of Advance: 19 | Decline: 84 | 52w high: 6 | 52w low: 0.

Looking at the S&P 500 index CFD on a 4-hour chart, Key overlap resistance remains at 2885 which acted as support in February. A rising wedge pattern is taking shape which is a bearish classic pattern. Bulls have to be cautious here, a break below the lower rising trend line would confirm the wedge and have bearish implications down to the next support level indicating 2640. A break above 2885 may set up a further advance towards 2980 and 3117 in extension.

Happy Trading.

Related tags: Indices

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