Market technician Dave Chojnacki of StreetOne Technical Analysis takes a deep dive into the underlying technicals for the major U.S. averages.
Durable Goods Orders came in better than expected on Thursday, while Unemployment Claims were near their target. MSFT earnings beat expectations and set the tone for the market to gap-up at the open. The SPX had been down for 6 straight sessions going into Thursday, so a bounce was over-due. The major indices made a steady march higher through the session and only a last hour sell-off kept the averages off their highs. The NDX which has been beaten down recently was the best performer of the day on the back of Techs. The Dow and SPX ended with significant gains in the session. After the bell, AMZN and GOOG reported earnings and both beat on the bottom line, but missed on the top line. After hours AMZN was down 9% and GOOG was trading down 5%. The 10YR ended the day at 3.14.