The S&P made a new all-time closing high Tuesday, but finished just shy of all-time intraday highs of 1597.35. The Nasdaq showed relative strength once again today, largely due to the continued strength in sector heavyweight Apple (NASDAQ:AAPL). The index closed up 0.66% while the S&P and Dow tacked on gains of 0.25% and 0.14%, respectively.
The action in the broader market indices has quieted down a bit after an erratic stretch a couple weeks ago, but there continues to be tradable volatility in many individual stock names. With many stocks looking extended and overbought, money continues to rotate, most recently into the tech sector. Select oil and energy names have also gotten in on the act.
Tomorrow is the FOMC Rate decision and ISM survey. Traders will be listening closely to what the Fed has to say as they seem to be largely driving the recent bullish action. On Friday we will get the non-farm payrolls number, which could have some short-term influence on market direction.
Disclosure: No relevant positions