The bulls kept their recent momentum following a test to new highs and ahead of this morning’s GDP numbers.
The Dow added 24.5 points, or 0.2%, to close right on 14,700. The blue-chips traded to a high of 14,768 but continue to struggle with 14,800. If cleared there could certainly be a bull stampede to 15,000. The bears will try to get the action back below 14,600 today.
The S&P 500 popped a 6-pack, or 0.4%, to end at 1,585. The index pushed a peak of 1,592 and came within spitting distance of its closing high of 1,593 set earlier this month. A run past this level could be an easy path to 1,600. Support is at 1,575.
The Nasdaq gained 20 points, or 0.6%, to close at 3,289. Tech touched 3,301 and a close above 3,300 would be bullish heading into next week barring any weekend geopolitical news.
The Russell 2000 landed on 940 after drinking its own 6-pack and we mentioned in the Weekly Wrap that once 920 cleared there could be a quick run to 940. Bingo. Resistance at 950 and the all-time high of 954 are up next. The bears will try to get the action back below 930 today.
Futures are showing a lower open following a worse-than-expected GDP report and here is how things are looking as we head to press: Dow (-45); S&P 500 (-5); Nasdaq 100 (-10).
Subscribers, check the Members Area for the updates and stay on the lookout for possible New Trades or Profit Alerts this morning before our midday update.