The U.S. stock market extended its rally higher this week, led by technology stocks and lagged by small-cap stocks. The market rallied due to a string of favorable economic indicators, including nonfarm payroll beating estimates on Friday. The trade deficit shrank 11% in March due to increasing domestic oil supplies; unemployment applications fell to a seasonally adjusted 324,000 last week; and productivity grew to a seasonally adjusted 0.7% annual rate in Q1 2013.
S&P 500’s SPDR (NYSE:SPY)
The SPDR S&P 500 (NYSE:SPY) ETF moved up 1.9% this week, as of mid-day Friday. Currently, the index trades below its new R1 pivot point resistance level of 161.75. Traders should watch for a breakout above 161.75 on high volume, with upside limits at the aforementioned R1 pivot point resistance level and the R2 pivot point resistance level of 163.82. ...
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