Bulls Get Weekly Win on Friday’s Rebound

U.S. markets posted a strong Friday while recovering losses from earlier in week to finish mostly higher overall. The strong session came after a solid start to the 1Q earnings with the Financial sector leading they way following better-than-expected numbers.

The gains helped pushed the major indexes towards their all-times highs from last November with the small-caps still having some work to do. Volatility sank to a fresh 2019 low and continues to confirm market momentum.

The Dow soared 1% after testing a high of 26,436 shortly after the opening bell. Fresh and lower resistance at 26,500-26,750 held with a close above the latter getting 27,000 and all-time highs in play.

The S&P 500 soared 0.7% following the morning push to 2,910 and close above the 2,900 for the first time since early October. Lower resistance at 2,900-2,925 was cleared and held with a move above the latter getting 2,950-2,975 and fresh lifetime highs in play.

The Nasdaq gained 0.5% after tapping a high of 7,992 within 10 minutes of trading. Prior and lower resistance from late September at 7,950-8,000 was cleared and held with a move above the latter getting 8,100-8,150 and all-time highs in the mix.

The Russell 2000 added 0.4% while closing at its session high of 1,589. Late February and major resistance at 1,600 with continued closes above this level getting 1,625-1,650 in focus.

For the week, the Nasdaq was up 0.6% and the S&P 500 was higher by 0.5%. The Russell 2000 rose 2 points while the Dow gave back 12 points.

Financials led sector strength after zooming 1.8%. Industrials and Materials were higher by 1.3%. Healthcare was fell 0.9% and was the only sector laggard.

For the week, Communication Services rose 1.5% while Consumer Staples and Technology gained 1.1% and 1%, respectively. Healthcare sank 2.4% while Energy dipped 0.1% to round out the losers.

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

   Todd Mitchell