Bulls Push Prior Resistance Levels on Fedspeak

U.S. markets traded in a tight range and slightly mixed ahead of the release of the Fed minutes on Wednesday. There was no real surprises in the meeting minutes with the majority of the Fed members seeing no change in rates this year.

The major averages were unaffected by the news and closed higher to keep near-term resistance levels in play. Volatility slightly eased but remains above key levels of support.

The Russell 2000 showed the most strength after rallying 1.4% and closing at its session high of 1,581. Major resistance at 1,575 and the 200-day moving average was reclaimed with fresh hurdles at 1,585-1,600 on continued strength.

The Nasdaq gained 0.7% following the intraday push to 7,965. Prior and lower resistance at 7,950-8,000 was cleared and held with a move above the latter leading towards 8,100-8,150 and new all-time highs.

The S&P 500 rose 0.4% while reaching a late day peak of 2,889. Lower resistance at 2,900-2,925 was challenged but held with a move above the latter getting 2,950-2,975 and fresh all-time highs in play.

The Dow traded in a 108-point range while rising 6 points, or 0.03%, and tapping a high of 26,209 ahead of the closing bell. Lower resistance at 26,250-26,500 held with a close above the latter being a more bullish development.

Real Estate and Technology led sector strength after rising 0.8% and 0.7%, respectively. Consumer Discretionary added 0.5%.

Utilities were the weakest sector after giving back 0.3%. Materials and Industrials were down 0.05% and 0.03% to round out the losers.

 

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

   Todd Mitchell