The day ends on the highs as the S&P 500 (SPX) rallies more than a percent and a half. The Nasdaq Composite (COMP) led the broad market indices with a surge that was knocking on the door of 3%.
Meanwhile, the sector view remained consistent in terms of the overall pattern displayed today. We ended with weakness in commodity corner and bonds while everything else showed a gain. Though, the PowerShares Clean Energy ETF (PBW) did manage to shrug off an earlier loss and post an ever-so-slight gain on the day.
As far as my overall thoughts on the action, regular readers can probably guess what I am about discuss. Yes, that is right, the potential break above resistance. As talked about last night, the S&P 500 (SPX) had been showing some out-of-the-ordinary resiliency in the face of the overhead impediment. Today's push is allowing the index to tick above that zone. The reaction to tomorrow morning's employment report will be very interesting. So until then...
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1409.3 |
23.8 points |
1.71 percent |
| Dow Jones Industrial Average (DJIA) |
13010.0 |
190 points |
1.48 percent |
| Nasdaq Composite (COMP) |
2480.7 |
67.9 points |
2.81 percent |
| Russell 2000 (RUT) |
729.8 |
13.6 points |
1.89 percent |
| CBOE Market Volatility Index (VIX) |
18.88 |
-1.91 points |
-9.2 percent |
Chart Courtesy of Thomson Financial
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