S&P, NASDAQ hit new April 2022 highs. Stocks higher after CPI data.

<p>US stocks have opened sharply higher and in doing so both the S&amp;P and the NASDAQ have hit new highs going back to April 2022.</p><p>A snapshot of the market 11 minutes into the U.S. Open is showing:</p><ul><li>Dow Industrial Average is up 267.24 points or 0.78% at 34528.67</li><li>S&amp;P index is up 35.32 points or 0.80% at 4474.57</li><li>NASDAQ index is up 145.19 points or 1.06% at 13905.89</li></ul><p>The small-cap Russell 2000 index is up 24.93 points or 1.31% at 1938.45.</p><p>Taking a lap around the markets:</p><ul><li>Crude oil is up $1.18 or 1.63% at $76.00. That's the highest level since May 1 (high price reached $76.69 on that day. That is the next target). The 200-day moving average comes in at $77.34. The price is not traded above the 200 day moving average since August 30, 2022. Early this week the price moved above its 100-day moving average at $73.72. It would take a move below that level to put sellers back in control on the daily chart.</li><li>Gold is up $19.50 or 1.101% at $1951.66. The price of gold is reacting to the lower dollar</li><li>Bitcoin is trading steady versus early US levels near $30,550</li></ul><p>Looking at the US debt market yields are lower with the biggest move in the short end:</p><ul><li>2 year yield 4.760% -13.5 basis points</li><li>5 year yield 4.122%, -11.8 basis points</li><li>10 year yield 3.914% -6.7 basis points</li><li>30 year yield 4.007% -1.4 basis points</li></ul><p>The EURUSD is trading at a new high at 1.1092. The price tests the swing high for the year at 1.1095. A break above pushes the price to the highest level since March 31, 2022.</p><p>The GBPUSD ashtray to a high of 1.29942 and in the process tests the swing area going all the way back to March and April 2022 between 1.2949 and 1.29987. The natural resistance at the 1.3000 level is also a key target to get to and through to increase the bullish bias in this pair. Close risk is now 1.2949.</p>

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