By Markus Heitkoetter
Today seemed a lot like yesterday…The indices gapped up and climbed higher. Then after the lunch break they slowly pulled back.
The big difference today? The S&P 500 closed above 2,000 for the first time EVER. After making a new all-time high at 2005.04, the S&P retreated in the afternoon and ended the session at 2000.02.
Trading volume remained light today, 20% below the 3 month average. But this isn’t too much of a surprise as we approach a 3 day weekend with U.S. markets closed on Monday for Labor Day.
The financial sector was strong today, and J.P. Morgan Chase (JPM) ended the session .67% higher.
As reported in our DOW 30 list, JPM triggered a Power Crossover Method BUY Signal 4 days ago at $57.86. After a picture perfect rally, Power Crossover traders had a chance to take profits at the ADR Profit Target of $59.43 over the last 2 trading sessions.