Sentiment continues to favor S&P 500
David Russell | email@example.com
Stocks continued to advance yesterday, sending the S&P 500 to its highest level in more than five years.
The benchmark index closed at 1507.84, up half a percent from Monday's close, marking its 10th gain in the last 11 sessions. It's now above potential resistance of 1503, with the December 2007 peak near 1516 as the next potential level to watch. Support remains at 1470.
The Nasdaq 100 was essentially unchanged at 2742.43, continuing to struggle as sentiment shifts from technology to materials and energy. Support and resistance remain at 2704 and 2770 respectively.
The Russell 2000 inched higher by less than a point, but that was still good enough for another new all-time closing high at 907.31. Support remains at 880.
The CBOE Volatility Index fell for the first time in nearly a week. It began the day higher at 13.88 but finished the session down 0.26 points, or 1.92 percent, at 13.31.
GDP, Chicago PMI lead calendar
February 27, 2015
The Commerce Department will announce revised gross domestic product for the fourth quarter at 8:30 a.m. ET, followed by the Chicago Purchasing Managers index follows at 9:45 a.m. ET.
Futures inch higher after key data
February 26, 2015
S&P 500 futures are up about 0.1 percent ahead of key economic reports, while European markets gained about 0.3 percent on the heels of confidence numbers. Asia was strong overnight.
Durable goods lead today's docket
February 26, 2015
The Commerce Department will announce the numbers for January at 8:30 a.m. ET. Economists expect an increase of 1.7 percent overall and 0.5 percent excluding transportation equipment.
Stocks holding in range near highs
February 25, 2015
S&P 500 futures are off 0.1 percent, and most of Europe is down slightly more. Oil and currencies associated with global growth are trying to rebound on strong Chinese manufacturing numbers.