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Can SP500 Keep Its Mojo On Friday?

By jnyaradi
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Courtesy of John Nyaradi.

Can SP 500 keep the rally going into the weekend?

After a solid Thursday performance, the SP 500 (NYSEARCA:SPY) and other major U.S. stock indexes will look to extend their gains going into the weekend.

IPO, ETFs, ETF, NYSEARCA:IPO, NYSEARCA:FPX, NASDAQ:FB, NYSEARCA:YELP, NASDAQ:NDLSThe Dow Jones Industrial Average (NYSEARCA:DIA) added 0.6% while the SP500 (NYSEARCA:SPY) tacked on 0.3% and the Nasdaq Composite (NYSEARCA:QQQ) jumped 0.6% on the strength of strong earnings reports from Amazon (Nasdaq:amzn) and Microsoft (Nasdaq:msft)  Ford (NYSE:F) added to the party with a report that beat estimates.

Overnight on Thursday, Asian markets were pounded with the Nikkei (NYSEARCA:EWJ) dropping 2.75%, the Shanghai (NYSEARCA:FXI) falling 1.45% and the Hang Send (NYSEARCA:EWH) down 0.6%.

Europe is mixed with the FTSE 100 flat, and the DAX (NYSEARCA:EWG) also near break even.

Durable goods reports came in positive on Friday morning, showing a 3.7% jump in September and UPS reporting improving sales.

Bottom line:  Near record highs, the SP500 (NYSEARCA:SPY) and other major U.S. indexes will try to press past significant resistance levels to close the week on a positive note.

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