The market spent most of the day in the positive territory. In the last couple of hours, the rally accelerated into the close. Miners have been weak, but, they roared back up today. WLT jumped $5, or +5.79%, to close at $91.3; that's $9 up from yesterday's open! CLF added +6.87%. X was up +4.94% while NUE gained +3.74%. RTP garnered $6.34 to close above $232. Mining & farming machinery stocks were also hot: CAT +4.1%, DE +3.23%, BUCY +6.04%, JOYG +3.45%.
The Dow closed up +102.94 points; SPX gained +8.36 points; Nasdaq added +19.84 points:
SOXX (semiconductors) once again led the techs, up +2.26%. BTK (biotechs) continued to soar, up +1.69%, another new all-time high. XME (miners) led the broader market with +3.05%. GLD (gold) and SLV (silver) bounced a bit. XLF (financials) stayed in the green, while HGX (housing) added +1.2%. FXI (Chinese ADRs) was slightly higher.
SPX
SPX added +8.36 points to close at 1174.17, above the 1170 level. Its daily MAs and MACD went up.
Nasdaq
Nasdaq gained +19.84 points to close at 2415.24, above the 2400 level. Its daily MAs rose and the MACD was slightly higher.
So, after testing the resistance for 4 trading session, SPX finally broke above 1170 today. Nasdaq also closed above 2400. As I said last week, we are not done with this "March Madness" yet. Energy stocks remained weak, including oil services and solars. The market ran quite far today. We may see some sporadic profit-taking during mid-day tomorrow and SPX could come back to test 1170. If SPX 1170 has become a support, it will be a good sign for the market to drive higher. As mentioned yesterday, techs are emerging as the new leaders on the market. AAPL charged above $228 today, a new all-time high. After the market, ADBE shares jumped +6.47% on better-than-expected earnings. ORCL reports on Thursday, and has already been climbing higher. Fertilizers pulled back last week, and have not yet returned to the heights reached after POT raised its guidance. Let's also keep an eye on these.
Good night and HappyTrading! ™
