Market Update Into 3/29: Hold My Beer! NASDAQ Refuses to Be Undone on Friday After S&P Soars
TGIF has a different ring to it after the closing bell with the S&P soaring 200 points on the Fed’s announcement that limitations on buybacks will expire in June. $NKE, $CSCO, $INTC all had a great day, but $TSLA slid 2% to the surprise of many; possibly attributed to reports on weak consumer spending. However, the NASDAQ rallied in the late part of the session to retake the $13,000 level. Although the cloud of rising bond yields and questions about the global economic recovery still cast doubt, the markets are somewhat positive on Friday’s footing that may see the current upward trajectory continue.
In this blog post, make sure to check out the top 5 TrendSpider charts posted this week on social media; as well as the broad market charts into next week! Don’t forget Season 3, Episode 12 of the “Stock Trading Pit” this Sunday at 6 PM (EST) with special guests, Steve Burns and Scott Redler.
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The $SPY closed at $395.63, well above the .618 fib and looking to attempt a run to test the ATH on a bullish close above the volume shelf.
The gains on the NASDAQ didn’t quite flow into $QQQ with a close at $315.8 and a few volume nodes to absorb before testing the high of the current swing.