EB Daily Market Report - Friday, July 5, 2024

Dear Members.

Another jobs report in the books and so far traders like what they saw and heard with all of the major indexes higher.

While all three indexes are green, it's really the NASDAQ that continues to shine as it hits a new all time high along with the S&P. 

Given the current momentum it might not matter but both the S&P and NASDAQ are stretched here. Try telling that to the bulls who seem to be ignoring any overbought signals.

Now that the S&P has hit a new all time high, what might be next? A nice round number of 5600 seems logical if the buying continues. If traders decide to take profits at some point the first area of support should be the 20 day moving average, currently at 5449.

That's it for now as we close out another trading week and Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins