MomentumOptionsTrading.com Morning Update for 5/27/14
Bulls Light a Cigar as S&P Holds 1,900
“The bulls will be trying to clear Dow 16,600; S&P 1,900; Nasdaq 4,175; and Russell 1,125 into the close. If successful, there should be a continued run higher into next week. If the bears hold these levels, they still have a chance to do some damage.” (Friday’s Midday Update)
With an hour left in trading on Friday, the Dow stood at 16,599.83; the S&P was at 1,899.82; the Nasdaq was at 4,182 and the Russell 2000 was at 1,124.20.
Watching the last hour of Wall Street’s close on a Friday is never any fun, especially ahead of a 3-day weekend, but as a trader and technician it’s part of the job.
Much of the action after the midday update was like watching paint dry but the close was exciting as the indexes danced and closed above the aforementioned resistance levels I highlighted.