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The markets finished narrowly mixed yesterday with the Dow in the plus column while the S&P and Nasdaq were both in the negative.
The gap left on the S&P chart after Friday's explosive move higher remains open at 2,740.45. As mentioned yesterday, I would classify it as a 'common gap'. And since common gaps are typically filled, I would anticipate a bit more backfilling to that level until that gap is closed. We got as low as 2,741.47 yesterday, just a shade more than one point away from its target. I'm anticipating we'll fill that gap today, which should improve its technical picture and free the market up for more gains next week.
In other news, yesterday's Weekly Jobless Claims fell more than expected shedding -4,000 new claims to 226,000.
The Philadelphia Fed Business Outlook Survey came in at 22.3. That was just under the consensus for 23.0. But analysts noted that "rarely in its 50-year history has the Philly Fed's manufacturing report shown such unusual strength and with it, unusual capacity stress". They went on to point to the surge in new orders and unfilled orders, further characterizing it as "enormously strong". (That's a pretty solid testament to the underlying strength of our economy.)
Further underscoring those sentiments was the Empire State Manufacturing Survey which jumped up to 22.5 from last month's 13.1 and views for 15.0.
We also saw a strong reading from the Housing Market Index. That came in at 70. A bit lower than last month's 71, but it still shows that "home builders remain extremely optimistic".
Solid economic data that points to more gains to come.
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets finished narrowly mixed yesterday with the Dow in the plus column while the S&P and Nasdaq were both in the negative. 
