The Dow gained 61 points, or 0.4%, to settle at 16,421. The blue-chips reached a peak of 16,450 and held positive territory throughout the session. The index is 167 points away from a fresh all-time high and remains on track to test 16,600. A close above this level would get 16,800-17,000 in play.
The S&P 500 added 3 points or, 0.2%, to close at 1,877. The index closed at another all-time high after trading up to 1,881.94 and cleared 1,875 on the close. We have said this would be a bullish sign for a possible run to 1,900 and we have penciled-in fluff to 1,909 as long as 1,875 holds. A close back below 1,870 would suggest a back test to 1,850.
The Nasdaq slipped a 6-pack, or 0.1%, to end at 4,352. Tech showed strength into our midday update yesterday and tested another fresh 14-year intraday high of 4,371.71 but faded afterwards. We have said a close above 4,375 should trigger our near-term fluff target of 4,400-4,500. Support at 4,350 held into the close after the index tested a low of 4,341 and was a bullish sign. A close below 4,350 could lead to a back test to 4,300-4,275.
The Russell 2000 dipped a little more than a point, or 0.1%, to finish at 1,204.54. The small-caps kissed 1,208 before smooching 1,202. A move above 1,213 could lead to 1,225 but a close below 1,200 could lead to 1,175.
The S&P 500 Volatility Index ($VIX, 14.21, up 0.32) tested 14.42 after trading lower for the first half of the session but stayed below 15. The bulls tried to get below 13.50 after testing 13.73 but we had a feeling the VIX would stay between the 2 aforementioned levels ahead of today’s “big” news.
Futures are showing a strong open following the release of the Nonfarm Payrolls report.
As we head from desk to press, futures look like this: Dow (+85); S&P 500 (+9); Nasdaq 100 (+17).
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