The bulls made it back-to-back wins on Thursday after another strong outing pushed the major indexes back near prior support. The bears are still up for the week but not by much as they are looking to get their second straight weekly win. It’s Friday the 13th so anything could happen today.
On Thursday, the Dow gained 181 points, or 1.4%, to finish at 12,986. The blue-chips went out on their highs but failed to trigger 13,000. If they can today, the next level of resistance comes in at 13,200. The bears will try to push 12,800 again before the weekend.
The S&P 500 jumped 19 points, or 1.4%, to settle at 1,387. The index reached a peak of 1,388 but fell short of reclaiming the 1,400 level. The close above 1,375 was bullish but the bears have their eyes on 1,350 so watch this level closely today. A close below 1,375 would be bearish for next week.
The Nasdaq soared nearly 40 points, or 1.3%, to end at 3,055. Tech was able to close above 3,050 which was slightly bullish and will need to hold this level today to keep the momentum going.
The Russell 2000 added another 12-pack, or 1.5%, to close at 808. The small-caps made a push to 810 and the close above 800 was convincing. If this level holds today, the bulls will be pushing for 830 again next week while a close below this level will get 780-750 back into the picture.
Futures are pointing towards a lower open despite JPMorgan Chase (JPM, $44.84, up $0.83) and Wells Fargo (WFC, $34.02, up $0.40) posting better-than-expected numbers. Both companies beat Wall Street estimates but are trading lower in pre-market action.
Dow futures are down 58 points to 12,892 while the S&P futures are showing a decline of 6 points to 1,379. The Nasdaq futures are off 10 points and are at 2,729.
Subscribers, check the Members Area for the updates.