Daily Wrap-up - A 203-Point Gain for the Dow Jones Industrial Average

The day ends with the Dow Jones Industrial Average (DJIA) up 203 points. As the intraday chart shows, the buying demand never really let up. A morning surge was followed by a midday consolidation and a late push to new highs for the session. The S&P 500 (SPX) and Nasdaq Composite (COMP) posted gains in the neighborhood of 2% while the Russell 2000 (RUT) jumped 3%.

The PowerShares Clean Energy ETF (PBW), CBOE Internet Index (INX), and Regional Bank HOLDRS (RKH) led while the US Oil Fund (USO), streetTRACKS Gold (GLD), and iShares Treasury Bond (TLT) lagged.

My midday post noted that the technical picture up for the S&P 500 and Nasdaq Composite was firming up. The strong close only cemented that view. On Tuesday, I posted a chart and comments from Bernie Schaeffer regarding the SPX and its 80-day moving average. The updated chart is below and shows the rally off support so that is something to keep in mind as well.

The Russell 2000 was the strongest broad market index today but it is the one that faces near-term resistance. With today's rally the RUT is now testing the overhead hurdle so that is something to keep an eye on tomorrow. And that is where I will pick up in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

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Charts Courtesy of Thomson Reuters

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