Nasdaq / S&P 500 Clears 50-Day MAs

U.S. markets showed strength for the 3rd-straight session following upbeat economic news and strong company profits as the 1Q continues to wind down. The gains pushed all of the major moving averages back into positive territory for the week with volatility also settling below key levels of support.

The Nasdaq jumped 1% following the intraday high of 7,946. Prior and lower resistance from early April at 7,950-8,000 was challenged but held on the close back above the 50-day moving average.

The S&P 500 soared 0.9% after testing a 2nd half high of 2,892. Fresh and lower resistance at 2,900-2,925 held with the index also recovering its 50-day moving average.

The Dow rose 0.8% following the late day run to 25,957. Late March and lower resistance at 25,800-26,000 was cleared and held with a close above the latter and the 50-day moving average being a more bullish signal for continued momentum.

The Russell 2000 rallied 0.6% after trading to an intraday high of 1,567. Near-term and lower resistance at 1,550-1,575 was cleared and held with a close above the latter and the 50/200-day moving averages being a more bullish signal for higher highs.

Materials led sector strength after jumping 1.4% while Financials were up 1%. Technology, Industrials, Consumer Discretionary and Communication Services all added 0.9%.

There were no sector laggards.


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

   Todd Mitchell