The bulls had a strong day on Wednesday as they brought the market back from Tuesday’s steep decline.
The Dow added 150 points, or 1.4%, to finish at 11,187. We were looking for a close above 11,200 and support remains 11,000 and then 10,800.
The S&P 500 gained 18 points, or 1.5%, to close at 1,198. The bulls continue to struggle with the 1,200 level while 1,170-1,175 has been strong support.
The Nasdaq surged 48 points, or 1.9%, to settle at 2,543. The index is showing a gain for the week and will be trying to take out the 2,600 level while 2,500-2,450 remains strong support.
On the geopolitical front, the U.S. has dispatched an aircraft carrier group to South Korea. Concerns are mounting that this is a move that will further agitate North Korea and further aggravate already-tense relations between the United States and China, a major ally of North Korea. These developments could cause some turmoil in the market.
Futures are pointing towards a lower open as the Dow futures are off by 65 points to 11,090. The S&P 500 futures are down 8 to 1,188 while the Nasdaq 100 futures are lower by 10 points to 2,148.