Bulls Get Hat Trick

U.S. markets showed strength for the 3rd-straight session as better-than-expected economic news outweighed recent trade headlines. Tech led the rally to higher highs with the Dow lagging but finishing in the green for the 2nd time in 3 sessions.

The major indexes remain on track to recover the lower end of the previous near-term trading ranges from the back half of February. A heavy dose of corporate earnings on Thursday along with jobless claims and Friday’s expiration of regular March options could help or hinder current momentum.00

The Nasdaq gained 0.7% following the intraday run to 7,677. Prior and major resistance at 7,650 was cleared and held on the fresh monthly high with continued closes above this level keeping 7,700-7,750 in play.

The S&P 500 also rose 0.7% after trading to a midday high of 2,821. Fresh and lower resistance at 2,825-2,850 held on the close back above the 2,800 level for the first time since the beginning of the month.

The Dow was higher by 0.6% following the intraday push to 25,776. Prior resistance at 25,750-26,000 was cleared but held with continued closes above the latter being a bullish signal for higher highs.

The Russell 2000 advanced 0.4% after trading an midday peak of 1,562. Upper resistance at 1,550-1,560 held on the close above with additional hurdles at 1,575-1,585 and the 200-day moving average.

Healthcare was the strongest sectors after jumping 1.1%. Industrials rallied 0.9% while Consumer Staples and Financials were up 0.7%.

There were no sector laggards.

 

  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell