Fresh 2019 Peak in Play

U.S. markets showed continued momentum to start the second-quarter following better-than-expected economic news and positive trade developments with China resuming this week in Washington.

Monday’s breakout to higher highs also cleared prior and major resistance levels with all-time highs clearly in play ahead of the “official” start of 1Q earnings.

The Nasdaq rallied 1.3% after trading to a second half high of 7,831. Prior and lower resistance at 7,800-7,850 was cleared with a move above the latter signaling a possible push towards 7,950-8,000 and fresh 2019 highs.

The Dow was also up 1.3% following the late session run to 26,280 and fresh 2019 high. Prior and lower resistance at 26,250-26,500 was cleared and held with a move above the latter getting 26,750-27,000 in focus.

The S&P 500 soared 1.2% after tapping a high of 2,869 ahead of the closing bell. Fresh and lower resistance at 2,850-2,875 was cleared on the close above the former and new 2019 high.

The Russell 2000 gained 1.1% after closing at 1,556 and session peak. Prior and lower resistance at 1,560-1,575 was challenged but held with a move above the latter and the 200-day moving averaged signaling additional momentum.

Financials and Industrials led sector strength after zooming 2.5% and 2.1%, respectively. Communication Services and Materials were were higher by 1.5%.

Utilities were down 0.7% to pace sector weakness while Consumer Staples and Real Estate declined 0.3% to round out the laggards.

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

   Todd Mitchell