At the Highs
A strong performance across the equity indexes today, led by the NASDAQ.
Currently, S&Ps are at 1174.50, just off the highs made moments ago at 1177. Similarly, NASDAQ futures are at the highs at 1613, and up some 8% on the day.
The Dow is trading over 10,000, a long-awaited target, also adding strength to this market.
S&Ps gained strength above the 1168-1168.50 level, and have seen a strong upward move. At some point, you’d have to expect an easing on the upward velocity. If that occurs, we could see a grinding move lower. Keep in mind that the high of last week was 1179.
NASDAQ, meanwhile, faces resistance up to 1620.