Stocks continue the rally on Powell with the NASDAQ index now up 2%

The stocks are not scared by the Fed chair’s comments about the economy and policy action going forward and are rising sharply.

The S&P index is now up over 1.5% and the NASDAQ index is up over 2.0%. The small-cap Russell 2000 is up 1.9%

Shares of Nvidia are up 3.94%. Alphabet shares are up 3.08% and Tesla shares are up 6.74%. Software shares are also higher with the IGV ETF of technology software rising by 2.54%

Other gainers today

• Shopify Inc (SHOP): 103.00 ▲+8.99 (+9.56%)
• Robinhood Markets (HOOD): 43.77 ▲+3.67 (+9.15%)
• MicroStrategy (MSTR): 308.37 ▲+25.18 (+8.89%)
• Super Micro Computer (SMCI): 41.19 ▲+3.29 (+8.68%)
• SoFi Technologies (SOFI): 12.88 ▲+0.93 (+7.78%)
• Boeing (BA): 173.65 ▲+12.09 (+7.48%)
• Tesla (TSLA): 240.88 ▲+15.57 (+6.91%)
• Trump Media & Technology Group (DJT): 21.39 ▲+1.30 (+6.47%)
• United Airlines Holdings (UAL): 75.79 ▲+4.45 (+6.24%)

Technically, the S&P is testing/breaking above its 100 hour moving average of 5704.93. Stay above that moving average would be more bullish and would target the 30.2% retracement at 5750.90.

This article was written by Greg Michalowski at www.forexlive.com.