| | |

Tuesday’s Closing Look

ByGary Kaltbaum

Stocks rallied on Tuesday after the bulls showed up and defended major support (50 DMA line) in many important areas. The benchmark S&P 500 and Nasdaq Composite closed at fresh record highs while the Dow closed below 20,000. The financials, materials, energy transports and small caps were among key areas that surged off their respective 50 DMA lines. Once that happened, more buyers showed up and stocks just raced higher.

Gary’s Thoughts: 

S&P on verge of breaking out
TRANSPORTS hold support perfectly on pullback.
FINANCIALS hold support perfectly on pullback.
RUSSELL holds support perfectly.
Breakouts in construction, materials, metals, mining, chemicals…most with crummy numbers but quite happy with Trump proposals.