We mentioned in February the bulls haven’t come this far not to take out new highs on the Dow and S&P 500 and today’s pop has one of the two indexes at fresh 5-year highs. Of course, the Nasdaq is well off its all-time peak but we said yesterday’s close was bullish and Tech is at 12-year highs.
The Dow is up 148 points to 14,276 and has easily cleared resistance at 14,200. The impressive part of the current rally is that the Dow has zoomed nearly 500 points after dipping below 13,800 last Monday.
The S&P is surging 16 points to 1,541 while the Nasdaq is higher by 43 points to 3,225. We have been targeting a run to 1,575 and 3,250, respectively, for both indexes and today’s rally is broad based.
We have used the strength to close out another winner for our Weekly Wrap (now 51-3 since inception) and we are close to closing out another winner for the Daily. However, we do have one trade that is taking a hit so we are going to close it at current levels.
Subscribers, check the Members Area for the updates. We will be back in the morning with a full report and an update on our current track records.