9:00am (EST)
Despite a choppy week which has seen both the bulls test resistance and the bears push support, the market is up as we head into today’s session. After two-weeks of selling pressure, which enabled the bears to break the first wave of support, the bulls are trying to reclaim what is now resistance.
The Dow gained 80 points, or 0.6%, to settle at 13,575. The blue-chips traded in the green all session long and reached a peak of 13,594 but, once again, failed to clear and hold the 13,600 level.
The S&P 500 added 10 points, or 0.7%, to end at 1,460. The talking heads were clamoring the index is at 4-year high, and technically it is, but it’s not a 52-week high which is 1,474. We mentioned earlier this week the bulls and bears were battling over the next 25 points at 1,450 and so far the bulls are halfway there before another possible breakout occurs. Until then we cannot count the bears out.
The Nasdaq added 14 points, or 0.4%, to close at 3,149. The bulls had to be disappointed with the close below 3,150 although they did kiss 3,153. We were also looking for a little more leadership from Tech, which lagged the other major indexes, and we said this would be key, along with the Financial stocks, for a continued rally.
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