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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar On Friday, Nasdaq Up For The Week
Stocks soared on Friday, although the Dow and the S&P both closed lower for the week (for the fourth week in a row), even though for a moment it looked like the S&P was going to turn positive. But the Nasdaq did, and they closed up for the week by more than 1%.
The markets had been diligently tracing out a bottom earlier in the week, and it culminated in an explosive rally.
The next upside targets for the S&P and the Nasdaq are as follows: with the S&P closing at 3,298.56, their 50-day moving average is overhead at 3,350.93. And just above that, there's a gap left on the chart at 3,384.45. Those are 1.59% and 2.61% away. Those are the near-term upside targets.
For the Nasdaq: after closing at 10,913.56, their 50-day moving average is overhead at 11,024.92, while they also have a gap just above that at 11,046.43, which represents upside targets of 1.02% and 1.22% respectively.
A solid close above the 50-day and the respective gaps would firm up the technical picture.
In other news, it was reported that the Treasury Secretary and the Speaker would likely resume coronavirus relief talks as early as this week. Hopes are slim, but there's bipartisan interest in trying to get something done before the election. We shall see. But given how the previous talks ended in acrimony, it was encouraging to see both sides agree to restart negotiations.
In the meantime, everybody will be watching to see if the markets can build upon recent gains.
Given the positive economic data, coupled with expectations for unprecedented growth for the remainder of the year, the foundation is in place for that to happen.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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