Market Settles Mixed Following Morning Breakout

The gains propelled the major indexes toward prior resistance levels from mid-October with support levels from early November in play on a pullback. The breakout to higher levels looks bullish on the charts, however, volatility stayed elevated throughout the session while holding the 15 level.

The Nasdaq advanced 0.4% following opening push to 7,602. Lower and upper resistance from early November at 7,550-7,660 was tested on the close above the former with the 200-day moving average also holding for the 2nd-straight session.

The Dow added 0.2% after testing a high of 26,241. Fresh and lower resistance at 26,250-26,500 held on the 2nd-straight close above the 26,000 level.

The S&P 500 was up 0.1% following the morning run to 2,814 shortly after the opening bell. Lower resistance from early November at 2,800-2,825 was cleared but failed to hold.

The Russell 2000 slipped 0.1% after trading to a first half high of 1,602. Fresh and lower resistance at 1,600-1,615 was cleared but held on the 2nd-straight close above the 200-day moving average.

Materials led sector strength after rising 0.7%. Technology gained 0.5% while Financials and Industrials rose 0.4%.

Utilities were the worst performing sector after falling 0.8%. Real Estate and Consumer Staples were down 0.7% and 0.6%, respectively.

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

   Todd Mitchell