Come On-A My House
S&P 500 futures closed higher today at 1468, primarily on good news from the economic calendar. New Home Sales came in at 870,000 versus expectations of 820,000, while Durable Orders increased 5.9%, well above the expected 1%. Monday’s Existing Home Sales number will also play a part in what the market does next week. With all of the bad press that the subprime market has been generating lately, today’s news gave bulls a reason to get out on the floor and dance.
On the charts, the S&P 500 was above the 1500 level briefly on August 8th, and as of today’s close we are 20 points away from that mark again. The previous flirtation with this level created a resistance point, so bulls will need some momentum to stage a true rally and send the S&P back over 1500.
