Dow Jones index and S&P 500 index both closed highest of the year as federal reserve chairman took dovish position in fed rate hike .Current rally leaded by s&p 500 closed today 20555.03 or .9 % higher than the previous day close. This is the highest close of the index this year. Index is only 73 points or 3.57 % away from its all-time closing high.
From S&P 500 index chart, Index made a small pull back to the 200 day simple moving average and right above the trend line. Stock made a hammer candlestick on the trend line and next day stock made a doji candle for consolidation. Sand p 500 confirmed its bullish move on march 29 strong close at 2055 and Index can now move at 2100 without much resistance. If oil does better, this is very possible we may see the new high in 2016 in s&p 500. Technically index has no big resistance to reach 2100. However, Index may see very strong resistance at the 2100 zone.
Dow jones industrial average also has a highest close of 2016 in march 29, 2016. Dow jones was closed 17633 points with .6 percent up for the day. Dow jones index is not bullish like s&p 500 index. But index is close to the all the time high level and trying to break the 17600 to 18000 level resistance zone. If index sucessifully breaks this resistance, new high for djia will be a time being.
From Dow Jones industrial average chart, index is clearly holding above all the key moving averages including 100 day and 200 day simple moving average. Befor todays .6 percent upside move, index made small pull with a hammer candlestick. Even though dow is holding above its long run trend line and all the key moving averages, index will see strong resistance at 18000 points.
QQQ: Most concerned part of recent bull run was QQQ was not responsive to the move and failed to break the key resistance level in the QQQ chart.
QQQ was up 1.61 percent. QQQ was struggling to break its 200 day simple moving average. Index broke that moving average and closed above that moving average. ETF got this boost by its heavy weight member apple 2.37 % up ward move. Apple was also struggling to participating this new bull move led by S&P 500.However, Apple 2.37 % move changed the scenario and now apple chart is bullish for short term time period.NOTICE: This article was based on research of stock market information and other sources of information, found both online and in print media. Neither tradingninvestment.com nor any of its owners, contributors, officers, directors, consultants, or employees take responsibility for the accuracy of the information contained in this article or the accuracy of the information on which this article was based. tradingninvestment.com was not compensated by any of the companies mentioned in this article for the preparation of this material, nor were the materials approved by the companies which were mentioned.