The US market started with some hesitation after the ECB announced its QE program today. In the afternoon, momentum starts to gather and the market finally start showing some conviction and pushed the DJIA to close with a gain of 259.70 (1.48%) at 17.813.98, the SP-500 gained 31.03 (1.53%) and closed at 2063.15, while the Nasdaq 100 closed at 4270.36 with a gain of 78.27 (1.87%), and the Russell 2000 closed at 1190.37 with a gain of 24.12 (2.07%). Today’s rally could be the beginning of the next upward move that could propel the DJIA to another all time closing high.
Here is a high level summary of the market:
(click on the chart to enlarge)
The following charts highlight the recent price actions from the major market indices.
DJIA:
SPX:
NDX:
RUT:
Beware the market has been up for four consecutive days and tomorrow is weekly options expiration. Therefore, do not be surprised to see some consolidation or pullback. Expect the unexpected and always trade defensively and manage your risk.
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