U.S. markets showed strength on the open and throughout the first half of action as the official start of 1Q earnings season heats up this week. Today’s rebound from Friday’s drubbing was slightly bullish but the final hour pullback on light volume was more bearish with the indexes closing well off their intraday highs. The technical outlook remains shaky if the market can’t keep any momentum with volatility remaining slightly elevated.
The Nasdaq rallied 0.5% after reaching a peak just south of 7,075 intraday but closed below the 7,000 level for the second-straight session. The S&P 500 added 0.3% after trading to a high of 2,653 while holding the 2,600 level for a 5th-straight session.
The Dow advanced 0.2% after making a run to 24,373 but was unable to hold the 24,000 level for the second-straight session. The Russell 2000 was up 0.1% after tapping an intraday high of 1,533 and has been holding the 1,500 level for five-straight sessions.
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