By Markus Heitkoetter
U.S. markets closed Friday with mixed results. However, the end of week numbers were positive with the S&P up +1.0%, closing at a new all-time high close. The DOW ended the week up +0.8% but is still 124 points away from entering into positive territory for the year.
The week was highlighted by a better than expected jobs report, better than expected jobless claims, and an easing of tensions in Urkaine.
We have had a nice rally in the S&P going back to February. The SPY (SPDR S&P 500 ETF) gave a buy signal on 2/12/14 and just last week reached our Average Daily Range exit based on one of our Power Crossover Method exit rules.
Although the Power Crossover indicators are still bullish, this upcoming week could be an important week for the continuation of this rally. With little economic data being released all eyes will likely remain on Ukraine and any escalation will but pressure on the markets. Can this rally be sustained?