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Thursday's Market Minute: Equities Push Upward Into Long Weekend

TD Ameritrade Network

Equity markets surged this week as traders now must weigh the prospects of this leg up heading into the three-day Easter weekend. The S&P 500 futures contract saw a 10-plus percent move up from Sunday to yesterday’s close, in sharp relief to the bleak economic backdrop.

Nevertheless, the equity index contract pushed past some key levels this week, closing above the 21-day EMA near 2,600 with a 3.87% jump on Monday as the RSI climbed in tandem. It now stands near the previous support from the 2019 March and June lows near 2,630 and also made new 20-day highs this morning.

The Nasdaq 100 futures contract has its own hurdles to clear to the upside in the confluence of its 20-day highs near 8,303.25 and the 200-day SMA near 8206, with 64-day EMA only a few dozen points to the upside after that.

As for small-caps, Russell 2000 futures eked above March’s highs near 1,180. Traders could be watching for a breakout above the 20-day highs near 1,211, as well as support at the previous lows near 1045.

 

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