9:00am (EST)
After an up-and-down session, the Dow gained 30 points on Friday, or 0.25%, and closed at 12,092 – its highest level since June 2008. For the week, the index added 269 points, or 2.3%, as the bulls bounced back after having their 8-week winning streak snapped the prior week. The Dow managed to hold 11,800 and showed strength in locking down the 12,000 level. These two round numbers are support going forward while we are still looking for a near-term run to 12,300-12,350.
The S&P 500 added nearly 4 points, or 0.3%, and closed at 1,310. For the week, the index jumped 34 points, or 2.7%. The S&P closed above 1,300 on Tuesday and held down the fort going into the weekend which clears the way for a test to 1,325, possibly 1,350. Support is now at 1,300 with the 1,275-1,270 level serving as backup. There is additional support at 1,260-1,250.
The Nasdaq jumped 15 points, or 0.56%, and settled at 2,769. For the week, the index surged 83 points, or 3.1%, and closed at its highest level since November 2007. Tech came through with some solid earnings reports which helped the rebound and held down 2,700. We still believe the index has a shot at 2,850 over the near-term with a possible push up to 3,000.
As we head to press, Dow futures are up 17 points, S&P 500 futures are higher by 3 points. The Nasdaq futures are showing a 2 point advance.
We have a lot to cover this morning with our current trades so let’s get to it. Subscribers, check the Members Area for the updates.
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