The bulls have triggered 2 of the 4 extended near-term fluff targets we gave you in early March and we can’t wait to do the chart work this weekend to see if this rally has more room to run, or if we join the noise and call for a pullback. Much of our homework will include how Tech and the Bank stocks look and today’s earnings releases from 2 titans could offer good clues.
The Dow gained 63 points, or 0.4%, to end at 14,865 on Thursday. The blue-chips made a brief trip down to 14,785 on the open but rallied to 14,887 intraday. A 1% pop by today’s closing bell would get the Dow past 15,000.
The S&P 500 advanced 5 points, or 0.4%, to settle at 1,593. The index reached a peak of 1,597 and came with a field goal of clearing 1,600.
The Nasdaq added 3 points, or 0.1%, to close right on our 3,300 target. Tech kissed 3,306.95 and could make a run to 3,350 or even 3,400 if strength returns in some of the larger-cap names.
The Russell 2000 popped a point higher to finish at 947 but tagged 951. The all-time high is 954 even. The bulls tried to get the S&P Volatility Index ($VIX, 12.24, down 0.12) below 12 as they touched 12.15. The 52-week low is at 11-and change.
As we head to press, here is how we look: Dow (-37); S&P 500 (-5); Nasdaq 100 (-11).
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