Blue-Chips Keep Momentum/ Profit Alert (BABA)

Blue-Chips Keep Momentum/ Profit Alert (BABA)

8:00am (EST)

Thursday was a mixed with the blue-chips showing continued strength while the other major indexes took a breather. The nervousness could continue today as the weekend approaches and January winds to a close. Volatility stayed subdued but remained a hot topic to the pretenders that call themselves experts on the VIX. Earnings after yesterday's close could impact today's action and possibly providing us with another New Trade.

The Dow gained 32 points, or 0.2%, to finish at 20,100. The blue-chips held positive territory for much of the session aside from a one-point slip while reaching a lifetime intraday peak of 20,125. Fresh resistance remains at 20,200-20,350. Support is at 19,900-19,800.

The S&P 500 slipped nearly 2 points, or 0.2%, to settle at 2,296. The index traded in a tight 6-point range with the bulls pushing a record high of 2,300.99 shortly after the open. Lower resistance at 2,300-2,325 was tagged but failed to hold. Near-term support is at 2,280-2,275.

The Nasdaq dipped a point, or 0.02%, to close at 5,655. Tech made a record run to 5,669 on the open to keep fresh resistance at 5,700-5,750 in the mix. Short-term support at 5,600-5,575 easily held following the pullback to 5,647.

The Russell 2000 gave bak 6 points, or 0.5%, to end at 1,375. The small-caps managed a 2-point trip to 1,384 at the start of trading with resistance at 1,385-1,400 holding. Support at 1,370-1,365 easily held following the backtest to 1,374.

The S&P 500 Volatility Index ($VIX, 10.63, down 0.18) tested a high of 11.01 intraday with lowered resistance at 11-11.50 holding. The late low to 10.60 continued to push 10 and single-digits.

We closed out another monster triple-digit winner as shares of BABA triggered our Profit Alert!