EB Daily Market Report - Friday, July 12, 2024

Dear Members.

Yesterday it looked like the bears might make some headway but today the bulls said "not so fast" with both the Dow and the S&P hitting fresh 52 week highs.

The morning looked like the market could stall after PPI data came out but all of the sudden buyers emerged, vaulting blue chips to that all time high. And even though the NASDAQ hasn't made up all of yesterday's losses, it's gotten a lot of them back.

For sure the market is now expecting a rate cut no later than September. This is helping small caps stay higher as well.

With that new high on the S&P the next logical resistance should be up at 5700. It got as low as 5590 yesterday so that should be the first level of price support.

Not much more to say and barring some late day selling the bulls should be feeling good heading into next week. Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins