S&P 500, Nasdaq climb above a key short-term line in the sand as stock market gains pick up
The S&P 500 index and the Nasdaq on Tuesday jumped above their short-term trend lines for the first time since mid-to late-March. The S&P 500 index traded up 0.8% at 2,698.16 in recent trade, pushing it above its 50-day moving average at 2,685.81 for the first time since March 16, according to FactSet data. The ascent for the broad-market benchmark means that both the Dow and the S&P 500, which have been under pressure since February are flirting with closing above those short-term levels. Market technicians use moving averages as a gauge of bullish and bearish trends in an asset. The Nasdaq traded up 1.1% at 7,236.65 on Tuesday, surpassing its 50-day MA at 7,191.71. The technology-laden index hasn't broken above that line since March 22.
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