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The S&P 500 and Nasdaq both finished the week on a strong note, with the S&P 500 gaining 0.70% and the Nasdaq rising roughly 1.00% on the day. Those gains pushed both indices into positive territory for the week and left them closing near their weekly highs. For the week, the S&P 500 advanced 1.05%, while the Nasdaq climbed 1.59%.
At the close:
- Dow Jones Industrial Average (DJI): +278.05 points (+0.53%) to 52,491.26
- S&P 500 (SPX): +52.17 points (+0.70%) to 7,489.81
- Nasdaq Composite (IXIC): +251.68 points (+1.00%) to 25,373.85
- Russell 2000 (RUT): -14.76 points (-0.50%) to 2,931.34
- Nasdaq 100 (NDX): +167.85 points (+0.60%) to 28,274.20
While the price action was undeniably positive, the technical picture remains mixed. The S&P 500 has managed to shift to a marginally bullish bias, suggesting buyers are beginning to regain control. The Nasdaq, however, still carries a marginally bearish technical outlook. Although today’s rally was encouraging, the index still has key technical hurdles to clear before the bias turns more decisively in favor of the bulls.
In the video above, I break down the technical outlook for both indices, explain why their signals are diverging, and highlight the key levels that will determine whether buyers can build on this week’s momentum or whether sellers reassert control in the week ahead.
This article was written by Greg Michalowski at investinglive.com.
