Markets Surge To New Highs In Late Friday Trading
The SPDR S&P 500 ETF (NYSE: SPY) hit a new high of the day, coming into the 200 moving average and the double top resistance from yesterday afternoon. Note the chart below. It is pulling off those levels just before the close with the markets in the green. The dollar has moved lower throughout the day, helping the markets regain their composure. Oil turned a big drop into a nice move higher along with natural gas. Natural gas continues to look like a breakout on the daily United States Natural Gas Fund, LP (NYSE: UNG) chart. Gold is substantially higher as well.
After an ugly gap lower today, the markets have given an impressive showing. The Dow Jones Industrial Average was down over 100 points this morning. It is now up 15.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
