Easy come, easy go…for the Bears

Index & Sector performance 3/4/14

The Market:

In overnight trading the S&P 500 broke out over our highlighted resistance just below $1850ES and never looked back ultimately not only regaining all that was lost on Monday but also adding a few points to close at a new all time high.

The news attributed the move to an easing in the Russia/Ukraine situation after Putin reportedly stated that Russia would only use force as a last result.

Tomorrow will be a very interesting day in the market especially coming off the previous two days of trading.  If we start to see a pullback we will be watching the $1860-63ES level and then $1850-55ES as support.  For resistance levels we are watching $1879ES and $1894ES.

Today was a light Economic data day but tomorrow we get ADP Non-Farm Employment Change and ISM Non-manufacturing data.

S&P 500 futures (ES) intraday (click to expand)

Economic Calendar Week of 3/4/14

Reporting EPS 3/5/14 Pre-Market:

EPS reports 3/5/14 pre-market

Analyst Comments:

Upgrades 3/4/14

Downgrades 3/4/14

Initiations 3/4/14

Price Target Changes 3/4/14