Courtesy of John Nyaradi.
Dow Jones Industrial Average sets another closing high.
Tuesday saw the Dow Jones Industrial Average (NYSEARCA:DIA) set another record as the index closed at 14,662 with a gain of 0.61%.
The S&P 500 (NYSEARCA:SPY) also set a closing high with a gain of 0.52% to close at 1570.24.
The Nasdaq 100 (NYSEARCA:QQQ) gained 0.84% while the Russell 2000 (NYSEARCA:IWM) failed to join in the action with a loss of -0.48%.
In other major markets, oil (NYSEARCA:USO) gained 0.23% to close at $97.19/bbl while gold (NYSEARCA:GLD) continued its bearish ways, dropping 1.48% to close at $1575.90/oz.
Read “Buy and Hold Gold Strategy Broken For Now”
Transports were down with the Dow Jones Transportation Index (NYSEARCA:IYT) losing 1.22%.
Foreign markets were mostly higher with major indexes in Europe and Asia gaining recently lost ground.
Read “Massive Short Squeeze In Europe”
The S&P 500 index (NYSEARCA:SPY) continues toying with its record intraday close of 1576.09, last seen in October, 2007, exactly 2,000 days ago.
Economic reports saw factory orders for February gaining 3% compared to the previous month’s -1.0%.
Technical indicators point to an overbought market with declining momentum near significant long term resistance lines.
For the day, major sectors finished mostly in the green with Health Care leading the way on strength generated by the Centers for Medicare and Medicaid Services increasing Medicare Advantage rates by 3.3%, greater than previously expected.
Consumer Discretionary (NYSEARCA:XLY) +0.84%
Technology: (NYSEARCA:XLK) +0.40%
Industrials (NYSEARCA:XLI) -0.32%
Materials: (NYSEARCA:XLB) -0.98%
Energy (NYSEARCA:XLE) -0.57%
Financials: (NYSEARCA:XLF) +0.58%
Utilities (NYSEARCA:XLU) +0.33%
Health Care: (NYSEARCA:XLV) +1.45%
Consumer Staples (NYSEARCA:XLP) +1.08%
Tomorrow brings economic reports in the form of March ADP Private Sector Payrolls and March ISM Services Sector.
Bottom line: Dow Jones Industrial Average (NYSEARCA:DIA) sets another record close on another day as technical strength wanes and fundamental headwinds remain strong.
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