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The markets ended narrowly mixed yesterday, but are poised for more gains this week as earning season continues to impress.
Another positive weekly gain would make it three weeks in a row. Granted, we're only one day in so far, but that leaves four more opportunities this week to see it happen.
And remember to keep your eye on the 2,750 level for the S&P (we closed at 2,670 yesterday). Once we can clear that hurdle (descending resistance line that dates back to late January's all-time high), I'm expecting the pace of this rally to pick up significantly.
In other news, yesterday's PMI Composite Flash report increased to 54.8, up from last month's 54.3 and views for 54.6. Analysts were quick to point out that new orders were the highlight of this report 'posting the best combined month in 2 years, with backlogs also at a 2-year best'.
Existing Home Sales also improved at 5.600 million units (annualized), beating last month's 5.540 mil., and the consensus for 5.513 mil. The report noted that more 'supply is coming into the market and sales are improving'. That's a great combination.
After a 2 ½ month long correction, and the lows of this pullback seemingly behind us, I'm expecting the market to decisively march back up to their all-time high from January, before breaking out even higher shortly after that. So get ready. Looks like the wait is almost over.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets ended narrowly mixed yesterday, but are poised for more gains this week as earning season continues to impress.
