By Markus Heitkoetter
The bull market turned 6 today!
Exactly six years ago the S&P 500 hit its low of 676.53 on March 9, 2009, and it has more than tripled since then.
According to S&P Capital IQ, “The current bull, dubbed “the most hated bull of all time,” joins an elite group of three other bull markets since World War II that has lived this long. Only two of those three bulls lived to see their 7th birthday.”
With U.S. traders “springing forward”, stocks opened the session slightly higher. Although today’s move was decisively bullish, it was a slow grind higher and nothing to get too excited about.
The S&P ended the session slightly higher with an 8 point gain. Today’s gain brought the S&P back to 2079.43.
The DOW lead the indices today with a .78% gain. Today’s 139 point gain put the DOW at 17995.72, just shy of the 18,000 mark.
This week we have a lighter economic calendar. Retail Sales and Unemployment Claims are highlights on Thursday, followed by PPI and Preliminary Consumer Sentiment on Friday.
But looking ahead the real item of interest will be the FOMC Statement on Wednesday March 18th. With Friday’s better than expected Jobs Report and the biggest drop in months, traders are keeping a close eye on the Fed and anticipating whether or not the Fed will speed up a rate hike.
Netflix Inc (NFLX) traded lower today with a 1.87% drop and close of $445.63. Today’s move lower triggered a PowerX Method Sell Signal at $453.90.
Conservative PowerX Method traders will look for an ADR Profit Target at $424.29 if the move lower continues.