U.S. markets showed strength throughout Wednesday’s session as positive developments overseas and a ton of Fed speak here at home helped sentiment. The major indexes have remained in a longer-term trading range since the start of August but are once again pushing near-term and crucial resistance levels
The Nasdaq rallied 1.3% after reaching a late day high of 7,981. Near-term and lower resistance at 7,950-8,000 was reclaimed with a close above 8,050 and the 50-day moving average being a more bullish signal for additional strength towards 8,100-8,150.
The S&P 500 was up for the 4th time in 5 sessions after adding 1.1% and testing a high of 2,938. Current and lower resistance at 2,925-2,950 was cleared and held with a move above the latter and the 50-day moving average signaling additional strength towards 2,975-3,000.
The Dow rose 0.9% following the intraday push to 26,362. Near-term and low resistance at 26,400-26,600 held with a close above the latter and the 50-day moving average being a bullish signal for a run towards 26,750-27,000.
The Russell 2000 also gained 0.9% following the opening pop to 1,487. Current and lower resistance at 1,485-1,500 was challenged but held with a close above the latter signaling additional strength towards 1,515-1,530 and the 200/50-day moving average.
Communication Services and Technology led sector strength after rallying 2% and 1.7%, respectively, while Energy was up 1.4%. There was no sector weakness.