By Markus Heitkoetter
Today stocks were on fire!
After a nice move in overnight trading, we had a brief sideways move in the morning. Then the rally picked up again and never looked back.
Today TWO economic reports were released:
Producer Price Index (PPI) which came in lower than expected, indicating that inflation is under control.
Unemployment Claims which dropped as well. With fewer people filing for unemployment benefits, the average dropped to a 15 year low.
The S&P rallied 1.1% today. With a 23 point gain, the S&P ended the day at 2121.10. Today’s close was a new all-time high close for the S&P.
The DOW had a triple digit gain. With a 192 point increase and gain of 1.1% the DOW closed at 18252.24. The Dow ended just 37 points away from its all-time high set on March 2nd.
It was the NASDAQ that led today’s rally cry. The NASDAQ closed at highs of the day with a 1.39% gain.
As we head into Friday all major indices are in positive territory. You’d think that after today’s big rally we would be up nicely. But the S&P and DOW are up just .24% and .34% respectively with one trading session left in the week.
Tomorrow’s session will clearly determine if we head into the weekend on a positive note. More importantly, can the S&P and DOW make history tomorrow by ending the week at new all-time highs?
If we look at a chart of the S&P it looks as though we’re seeing an ascending triangle for those chart pattern traders out there. This is a bullish pattern and it looks like the S&P is getting ready to make its move if traders are willing to hold onto all-time highs going into the weekend. If not, we could see an attempt early next week.