The US stock market is experiencing broad-based gains, with all major indices showing positive momentum. Leading the way is the NASDAQ index, which has successfully recovered from the declines witnessed in yesterday's trading session. Currently, the index has risen by 121.55 points, representing a 0.91% increase. As a result, the price of the NASDAQ index is approaching its previously broken 100-hour moving average, now standing at 13,474.75.
Following yesterday's notable drop below the moving average, the price of the NASDAQ index faces a crucial technical level. Traders and investors will likely pay attention to whether sellers will exert pressure around the moving average. Remaining below this level would suggest a more bearish sentiment, while surpassing it would indicate buyers regaining short-term control.
In addition, the Dow Industrial Average is currently showing gains of 160 points, equivalent to a 0.47% increase. Similarly, the S&P index has risen by 29 points, reflecting a 0.67% uptick.