The first day of May belonged to the bears buts it has been all bulls and no bull since as they ran their current winning streak to 5-straight session following Wednesday’s push higher. There was some early morning and a late day pullback off the highs but the indexes were able to push through the choppiness to record all-time closing highs for the second day in a row.
The Dow jumped 49 points, or 0.3%, to close at 15,105. The blue-chips held the 15,000 level following the opening dip to 15,021 and recovered their losses before Wall Street’s lunch break. The high came in at 15,106 and keeps our near-term target of 15,300 in play as long as support holds.
The S&P 500 added a 6-pack, or 0.4%, to finish at 1,632. The index went out at its high after testing 1,622 in the morning. A run to 1,650 is still looking good as long as 1,625 is held. There is further support at 1,600 if it doesn’t and a break back below this level will cause some uncertainty.
The Nasdaq gained 16 points, or 0.5%, to settle at 3,413. Tech traded down to 3,389 on the open but the 7 point loss was quickly erased shortly within the first hour of trading. The index also went out at its peak and keeps 3,500 on the map.
The Russell 2000 advanced 2 points, or 0.3%, to end at 970 while S&P 500 Volatility Index ($VIX, 12.66, down 0.17) fell 1%.
We have a number of trades that will be in play at the open so stay on your toes after the open in case we take action on current trades. As we head to press, futures look like this: Dow (-8); S&P 500 (-1); Nasdaq 100 (-7).
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