U.S. stocks Poised to Add to Friday’s Big Gain

U.S. stock futures on Monday pointed to a step higher at the open, as the main market benchmarks aimed to build on Friday’s big rally.

S&P 500 futures rose 3.85 points, or 0.2%, to 2,092.25, while Dow Jones Industrial Average  tacked on 23 points, or 0.1%, to 17,842. Nasdaq 100 futures  added 10.75 points, or 0.2%, to 4,724.

The S&P is going through a “period of backing-and filling” as it’s had a “loss of short-term momentum since October’s impressive upmove,” said Kati Stockton, chief technical strategist at BTIG, in a note Sunday.

“Resistance remains intact at the all-time high near 2135,” she said, but added that “a breakout to new highs is attainable in the weeks ahead as positive seasonal forces take hold.”

On Friday, the S&P surged about 2%, while the Dow  jumped 370 points, marking their biggest one-day gains in nearly three months, following a strong November U.S. jobs report. The two indexes scored weekly gains of 0.1% and 0.3%, respectively. The S&P is up 1.6% for the year, while the Dow is 0.1% higher in 2015.

Source : Marketwatch

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