8:45am (EST)
The bulls reclaimed support on Thursday after the bears took out key levels on Tuesday as the major averages finished right on our targets we were looking for. Yesterday’s 1% pop still wasn’t enough to get back to even for the week but it was enough to bring the bulls within striking distance.
The Dow added 71 points, or 0.6%, to finish at 12,908. The blue-chips hit a high of 12,937 just before the final hour of trading but gave back some of the possible triple-digit gain into the close. We called for a close above 12,900 and if the bulls can just hold this level today then it will be a huge victory that won’t go in the win column.
The S&P jumped 13 points, or 1%, to end at 1,365.91 (exact). We said a close above 1,365 would be bullish and a trip above 1,375 would be beautiful going into next week. The bulls will need to maintain current levels and at least get a close above 1,350 if there is a pullback.
The Nasdaq surged 35 points, or 1.2%, to settle at 2,970. Tech made a strong close above 2,950 and we got a bonus package when the index tagged an intraday high of 2,976. This opened the door for another run at 3,000.
The Russell 2000 scored a 10-point win and finished above the 800 level, at 806, or 1.3% higher.
Futures were slightly higher heading into the jobs numbers and improved once the good news hit. Dow futures are up 20 points to 12,864 while the S&P 500 futures are higher by 3 points to 1,363. Nasdaq 100 futures are showing a 4 point pop and are at 2,636. Subscribers, check the Members Area for the updates.