Friday May 2, 03:49 PM
Dow indus. on track to close above the 200-day SMA for the first time in 2008
NEW YORK (Thomson Financial) - The Dow industrials was up 73 points at 13,032 on Friday, and were on track to close above the 200-day simple moving average for the first time in 2008.
The 200-day SMA, currently at 13,018.5, is viewed by many chart watchers as a trigger point for a bull or bear market.
The last time the Dow had closed above its 200-day was on Dec. 26. The blue chip barometer traded above the 200-day SMA in intraday trading on Thursday (intraday high of 13,029.05 vs. 200-day of 13,019.42), but closed (13,010.00) just below it.
The Dow has now gained 11% since its March 10 close of 11,740.15, which was the lowest close since Oct. 3, 2006. Friday's intraday high of 13,132.46 was the highest level seen since Jan. 3.
The Nasdaq Composite was up 3 points at 2,484, and hit a 4-month high of 2,499.14 in intraday trading, but remained below its 200-day SMA of 2,518.10.
The S&P 500 Index was 7 points better at 1,416, and hit a 4-month high of 1,422.72 in intraday trading, but was also below its 200-day SMA of 1,429.0.
Tomi Kilgore
tk1
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