U.S. markets showed strength throughout Thursday’s session while recovering losses over the last couple of sessions to keep fresh resistance and 2019 highs in play.
Better-than-expected economic news helped overall sentiment but the weakness in the Financials remain a slight concern following the Fed news they weren’t going to raise rates this year.
The Nasdaq jumped 1.4% after tapping a fresh 2019 high of 7,850 to extend its winning streak to 5-straight sessions. The close above the 7,800 level was super bullish with fresh and lower resistance at 7,850-7,900 holding into the closing bell.
The Russell 2000 rallied 1.3% following the first half push to 1,569 and topping Monday’s peak by a third-point. Lower resistance at 1,570-1,585 held with a move above the latter and the 200-day moving average being a bullish signal for higher highs.
The S&P 500 advanced 1.1% following the run to 2,860. Major resistance at 2,850 was cleared and held with continued closes above this level being a bullish setup for a run towards 2,875-2,900.
The Dow rose 0.8% to regain positive territory for the week after reaching an intraday peak of 26,009. Lower resistance at 26,000-26,250 held for the 4th time in 5 sessions with continued closes above the latter being a more bullish development.
Technology led sector leaders after zooming 2.5% while Real Estate and Consumer Discretionary added 1.7% and 1.4%, respectively.
Financials were the only sector laggard after giving back 0.3%.
I hope this helps you prepare for the trading day. Make it a great one!