Dow/ S&P On 5-Week Winning Streaks
The market was slightly weak following Friday’s open after China announced a fresh round of $60 billion in new tariff counter-measures and a lackluster U.S. jobs number. The import taxes would range in rates from 5% to 25% with many of the goods are agricultural-related, with others on metals and chemicals.
The broader market showed more strength from the start with Tech and the small-caps remaining in a downtrend throughout much of the session. The mixed close was offset by the continued drop in volatility which is approaching the early May flash-crash low north of 10.
The Dow advanced 0.5% after making a steady run to 25,467 ahead of the closing bell. The move back above 25,400 was a bullish signal with July resistance at 24,600 being a more crucial level in holding.
The S&P 500 also added 0.5% after holding positive territory throughout Friday while going out at its high of 2,840. Late July resistance at 2,850 is back in play with a move above this level signaling continued momentum.
Both the S&P 500 and Dow were up for the 5th-straight week after rising 0.8% and 10 points, or 0.04%, respectively.
The Nasdaq rose 0.1% to extend its winning streak to 4-straight sessions with the high tapping 7,824. Fresh resistance is at 7,850-7,900 with a move above the latter getting fresh all-time highs in play with a possible chance at 8,000 triggering.
The Russell 2000 failed resistance at 1,690 on the opening pop to 1,687 before declining 0.5%. Lower support at 1,675-1,670 and the 50-day moving average held with the index showing higher highs and higher lows to end the week despite the pullback.
The Russell 2000 soared 1.3% for the week and the Nasdaq rose 1% to snap a 2-week losing streak.