Another Lackluster But Bullish Session

U.S. markets were sluggish for the 6th-straight session after trading on both sides of the ledger following another update from Fed Chairman Jay Powell and other Fed heads. Powell once again talked up the economy while saying Fed policy is in a good place.

The rhetoric wasn’t enough to lift the major indexes to fresh all-time highs but the broader market showed strength in an otherwise lackluster session. Volatility stayed slightly elevated and is showing some signs of upcoming nervousness but was able to hold a key level of resistance into the closing bell.

The S&P 500 edged up 0.1% while tapping a late day high of 3,098. Major resistance at 3,100 was challenged but held for the 3rd-straight session with upside potential towards 3,125-3,150 on a close above this level.

The Dow declined just over a point, or 0.01% after trading to an intraday low of 27,676. Near-term and upper support at 27,600-27,400 held with a close below the latter being a slightly bearish signal.

The Nasdaq slipped 3 points, or 0.04%, following the first half pullback to 8,441. Current and upper support at 8,450-8,400 held with a close below the latter opening up risk towards 8,350-8,300.

The Russell 2000 was off nearly a half-point, or 0.02%, with the second half low reaching 1,586. Current and upper support at 1,585-1,570 was breached but held.

Real Estate and Materials were the strongest sectors after advancing 1% and 0.6%, respectively. Energy and Technology were the leading sector laggards after giving back 0.3% and 0.1%, respectively, while Consumer Staples edged down 0.03% to round out the losers.