9:00am (EST)
The bulls finally got back into the win column following Wednesday’s push but there are a few economic reports out this morning they need to get before they challenge new highs.
The Dow gained 13 points, or 0.1%, to end at 13,578. The blue-chips reached a peak of 13,626 but were unable to hold the 13,600 level into the close which was slightly disappointing. We are looking for a close above this level for confirmation of a possible push to 13,800-14,000. A close below 13,500 would be slightly bearish but the bears have several layers of support to cracj before a trend change takes place.
The S&P 500 advanced 2 points, or 0.1%, to settle at 1,461. The index tested a low of 1,457 shortly after the open but rebounded to kiss a high of 1,465. We are still waiting for a close above 1,475 to confirm a possible run at 1,500 over the near-term. Support at 1,450 has been holding like a champ.
The Nasdaq added 5 points, or 0.2%, to finish at 3,182. Tech lagged the other indexes for much of the first half after falling to a low of 3,170 but was able to rebound. The index tested 3,189 but the bulls will need a close above 3,200 to convince us a continued rally is in the cards.
The Russell 2000 slipped a point and went out at 856 after holding 850 all day. The S&P Volatility Index ($VIX, 13.88, down 0.30) dropped 2% and touched a low of 13.61.
Futures are showing a lower start this morning: Dow (-49); S&P 500 (-6); Nasdaq 100 (-9). Philadelphia Fed figures will be out at 10am along with Leading Indicators.
We have updates our current trades and there were a few others we like on our Watch List as possible candidates. We may have a New Trade or a Trade Alert again this morning so look for possible action to take between 10am-11am.
