U.S. equities ended Friday on a high note with the Dow Jones Industrial Average rallying nearly 400 points, or 1.4%. The S&P 500 gained 1.36% to close at a record and the Nasdaq Composite gained 1%.

Friday’s rally brought the Dow’s week-to-date gain to about 4.1% and the S&P 500′s weekly tally to nearly 2.2%. The Nasdaq Composite finished in the red for the week as investors ditched technology names for cyclicals.

Shares of cruise operator Carnival rose more than 7%. United Airlines and Boeing were both up more than 5%. Disney closed 2.1% higher on the back of better-than-expected quarterly numbers. At the sector level, energy and industrials rose 3.8% and 2.2%, respectively, to lead the S&P 500 higher. Financials were up more than 1%.

Plan A : Long if market doesn't retrace much and supported firm above 3614. Targets are 3629, 3645 and 3661.

Plan B : Short if market failed to support above 3614. Targets are 3588, 3560 and 3531.

U.S. stock futures rose on Sunday night as traders assessed a sharp market rotation that led to a mixed weekly performance last week.

Those moves came as traders piled into beaten-down value names at the expense of high-flying growth stocks amid positive vaccine news. 

Before Friday’s rally, the rotation paused midweek as traders worried that a rising number of coronavirus cases could hit the economy significantly before a vaccine gets here.

Plan A : Long if market doesn't retrace much and supported firm above 11919. Targets are 11948, 11980 and 12011.

Plan B : Short if market failed to support above 11919. Targets are 11881, 11838 and 11792.