Buying S&P 500 Again, As Buyers Keep the Trend Bullish
Last night we decided to buy S&P 500 and DAX 30, after last Friday’s retreat in stock markets. The stock indices have been massively bullish since October and every pullback has found buyers, holding the decline and pushing the price back up to new record highs. So, we used the pullback to get in on the long side and get some of the action.
S&P 500 Chart Daily – MAs Keeping the Trend Bullish
The major indices are showing marginal gains as the new trading week begins:
- Dow Industrial Average is up 7.53 points or 0.07% at 38,933.
- S&P index is up 1.11 points or 0.02% at 5,205.86.
- NASDAQ index is up 13.54 points or 0.08% at 16,263.
Yields are higher across the board:
- 2-year yield is at 4.769%, up by 3.8 basis points.
- 5-year yield is at 4.426%, up by 5.9 basis points.
- 10-year yield is at 4.427%, up by 5.0 basis points.
- 30-year yield is at 4.565%, up by 3.4 basis points.
US stocks indices opened with moderate gains, with futures for the S&P 500 up 15 points or 0.3% ahead of the opening bell. The futures have been gradually increasing throughout the night following a solid Friday session. However, while pre-market movements in stocks are modest, investors are closely watching the bond market as yields continue to rise.
The US 10-year bond yield is up by around 10 basis points to the day’s highest levels, driven by movements in the USD/JPY currency pair. Despite this, the strength in the US dollar bids has not been particularly strong so far.
S&P 500 Live Chart
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