With relatively little news affecting the markets this week as many in the political and financial realms enjoyed an extended holiday weekend. On Monday, traders recognized a good deal as SPY dropped in pre-market and sent the price higher through the day. SPY ended the day slightly higher in the mid-290’s, giving a positive nod to the start of this week.
Tuesday was an exceptionally positive day on US markets – strong earnings, eager buyers and little news to thwart optimism sent SPY climbing through the morning. Calculated resistance l levels proved to be strong as SPY ran up to those points but could not overcome. The daily high was just a few cents shy of SPY’s all-time high of 293.94.
US markets continued to show strength on Wednesday as, despite the slight intraday loss, SPY generally maintained their newly found high price level. A slew of earnings reports and optimistic news regarding the US-China trade negotiations upheld the SPY through the day.
Thursday morning was marred with pessimism as the opening bell rang. However, the bulls soon took hold amid a day filled with strong reported corporate earnings. SPY ran upward well above its open and stuck around the pivot for much of the day before closing slightly lower.
The mood over the trading floors on Friday felt like a bright spring day. US GDP data released just before the market opened far exceeded analysts’ expectations and quelled the looming fear of economic slowdown. The reported GDP indicated that the economy continues to be strong – a fact that traders took to the bank today as they sent SPY climbing. All-in-all, SPY finished off the week more than four dollars higher and gave traders a nice sendoff for the weekend!
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