Market Settles Mixed as Dow Taps Record High

U.S. markets showed momentum for the 2nd-straight session with the blue-chips tapping fresh all-time highs after Fed Chairman Powell all but confirmed a rate cut in his 2nd day of testimony. However, the small-caps traded lower throughout much of the session while Tech showed 2nd-half weakness with both indexes closing lower.

The Dow jumped 0.9% after closing on the session peak and fresh all-time high of 27,088. Near-term and upper resistance at 26,750-27,000 was cleared and held with fresh hurdles at 27,250-27,300 on continued strength.

The S&P 500 added 0.2% following the intraday run to 3,002. Fresh and lower resistance at 3,000-3,025 was cleared but held with the index missing a new all-time high by just over a half-point while settling a tenth-point below the 3,000 level.

The Nasdaq slipped 6 points, or 0.1%, despite testing a midday high of 8,228

And falling just shy of its record high of 8,228. Fresh and lower resistance is at 8,225-8,300 held on the 2nd-straight close above the 8,200 level.

The Russell 2000 traded in a 15-point range with the session low reaching 1,552 shortly after the opening bell. Near-term and upper support at 1,555-1,540 and the 50-day moving average held with a move below the latter being a bearish development.

Industrials were up 0.7% to pace sector leaders while Financials advanced 0.6%. Real Estate was the only sector laggard after sinking 1.3%.

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