After another sloppy week, in which the market was unable to sustain any kind of rally attempts, the stage was set for major sell off today when Boeing (BA) shares put a negative 300 points against the Dow Jones Industrial Average.  Instead, the market is exhibiting the kind of resolve that sparked the 2019 rally in the first place.  Now, every name in the Dow is higher as is every sector in the S&P 500 led by Technology, Energy and Communication Services.

There are several reasons stocks are showing resolve, including:

• Consumer is alive and well
• Fed is committed to staying out of the way
• Market never broke down

So, the question is whether this is the session that reverses the downside bias which has pressured the market for the last couple of weeks?

The key hurdle

It’s pretty clear, resistance that begins at S&P 2,800 and goes through 2,813 is the last hurdle for the index before it rallies back to the all-time high.

We’ll see if today’s strength can attract funds off the sidelines after big money stayed on the sidelines through several positive data releases.