Wall Street Rebounds as Treasury Yields Ease
U.S. stock benchmarks are trading higher today, on track to rise for the first time in four sessions as Treasury yields take a breather. The Dow Jones Industrial Average (DJIA) is up 243.89 points (+0.46%) at 53,010.77. Meanwhile, the S&P 500 has advanced 33.82 points (+0.44%) to 7,665.29, and the Nasdaq Composite is up 91.28 points (+0.35%) at 26,191.05. Bargain hunting and relief in bond markets are providing support following three consecutive sessions of selling pressure.
Dow Jones Industrial Average
Dow Jones Industrial Average turned higher today, initially climbing above yesterday’s high before pulling back mostly inside its recent trading range. If bears manage to reverse the index lower again, the ascending trendline remains the key target to watch for potential technical support. Additionally, the 100 EMA level near 51,649 provides secondary structural backing should price action test deeper levels.
Amazon.com, Inc. (AMZN)
Shares of Amazon.com, Inc. (AMZN) continue printing a structural pattern of higher highs and higher lows. Price action is currently turning lower, targeting the formation of another higher low—preferably near its key moving averages (100 EMA at $250.47 and 200 EMA at $241.89) or the lower trendline. Traders could look to use this opportunity to enter long positions, placing stop-loss orders below the previous swing low.