Market Up 9-Straight Weeks

Trump said that perhaps they will work out the final points, or perhaps not, as the market backed off its midday highs. However, a final hour rally pushed the major indexes towards fresh 2019 peaks with the overall market extending its winning streak to 9-straight weeks.

The Dow climbed 0.7% after closing 21 points off the session high of 26,052. The close above the 26,00 level was the first of the year with fresh resistance now at 26,250-26,500.

The S&P 500 rose 0.6% following the late day run to 2,794. New and lower resistance from early November at 2,800-2,825 held with a close above the former being a continuing bullish signal.

For the week, the Dow advanced 0.6% and the S&P gained 0.7%.

The Russell 2000 rallied 0.9% after testing a high of 1,590 into the closing bell. Fresh and lower resistance at 1,590-1,600 and the 200-day moving average was cleared and held with additional hurdles at 1,615-1,625 on continued momentum.

The Nasdaq was also up 0.9% following the late session push and close at 7,527. Major and lower resistance from early November at 7,500-7,550 and the 200-day moving average was cleared and held to set up a possible run towards 7,625-7,700.

The small-caps rocketed 1.4% higher for the week while Tech was up 0.7%.

Technology led sector strength after surging 1.3%. Communication Services and Healthcare jumped 0.9%. Consumer Staples and Financials were the only sector laggards after giving back 0.5% and 0.2%.

For the week, Industrials and Materials surged 3.6% and 3.3%, respectively, while Financials added 3%. Communication Services was the only sector laggard after declining 0.7%.

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

   Todd Mitchell