Bulls Trample 50-Moving Averages
MARKET SUMMARY
U.S. markets remained strong and in rebound mode after extending their winning streak to 5-straight sessions. Today’s gains were a continued bullish sign as the major indexes cleared their 50-day moving averages, for the most part. This follows Wednesday’s battle fighting to get back into positive territory for the year with the small-caps rejoining the major indexes following today’s gains.
The The Nasdaq once again led the way higher after soaring 1.6% after closing a half-point of its late session high of 7,256 while easily clearing and holding its 50-day moving average.
The S&P 500 rose 1.2% after racing to a late session high of 2,731 while closing above the 2,700 level for the first time in 9 sessions. The Dow also advanced 1.2% after reaching an intraday peak of 25,203. Both indexes held their 50-day moving averages by 8 and 50 points, respectively.
The Russell 2000 gained 1% after testing a high of 1,537 while falling 10 points shy of its 50-day moving average. The index is back in positive territory by 2 points for 2018.
TRADE OF THE DAY
THE OPINION TRAP
ANALYST UPGRADES / DOWNGRADES
E
EARNINGS
Friday's scheduled earnings include:
Before the open: A
After the close: A
UPCOMING ECONOMIC NEWS
Friday's economic reports (EST):
C
METALS / OIL
Gold closed at $1,355.30 an ounce, down $2.70
Silver settled at $16.88 an ounce, up $0.35
Copper finished at $3.23 a pound, up $0.07
Crude Oil closed at $60.81 a barrel, down $0.21
Bitcoin Investment Trust (GBTC) settled at $16.44, up $2.05
Article of the Day
5 Reasons Why Stock Option Trading is Perfect for You
Number One…You can purchase a stock option for a fraction of the cost of buying the underlying stock...which means you can start trading stock options with a much smaller amount of money. Number Two…You can make money trading stock... [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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