9:00am (EST)
The bulls extended their winning streak to three straight sessions and will be going for a clean sweep today. The major indexes gained about 1% on average but are still below prior support levels.
The Dow finished Thursday with a 120 point gain, or 1.2%, and closed at 10,138. The recent trading range has been 9,800 through 10,600 with 10,200 providing a pivot point. The low was 9,600 set last week. The 500 point rally off the lows has been voilet and unpredictable to say the least.
The S&P 500 added 10 points, or 0.9%, to settle at 1,070. We are watching the 1,075 level as another sign the bulls are pushing us to the top side of the recent range, and a break above 1,100 could be in the cards.
The Nasdaq tacked on 16 points, or 0.7%, to finish at 2,175. The one signal we would wait on is a break back above 2,240 which was the 200-day moving average before it fell.
Futures are pointing towards a slightly lower open this morning, and it will be interesting to see if the bulls can hold this week’s gains. The weekend is here, and if the bulls can push the market higher again today then they likely have a good feeling about next week. Earnings season starts on Monday and will likely shape the market’s landscape over the next few weeks.
As we head to press, the Dow futures are down 25 points to 10,067 while the S&P 500 futures are lower by 2 points to 1,065. The Nasdaq 100 futures are showing a decline of 6 points and are at 1,792.
We have a Special Note inside our Members Area today as we gear up for next week. Subscribers, check for the updates.
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