Contracts tied to the major U.S. stock indexes slipped early Friday morning as Wall Street appeared headed to close out the record-setting week on a muted note.

The S&P 500 had more muted sessions, up less than 0.1% to eke out another fresh high.

Hopes for a robust earnings season from the country’s largest communications and tech stocks have kept the mega-cap stocks trending upward, and the major indexes near records, during the holiday-shortened week.

Wall Street’s eyes are still turned toward Washington as new President Joe Biden works to lay the early foundation of his Covid-19 and economic recovery agenda.

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Plan A : Short if market failed to support above 3811. Targets are 3786, 3759 and 3731.

Plan B : Long if market supported firm above 3811. Targets are 3827, 3845 and 3860.
 

E-Mini Nasdaq

The Nasdaq Composite rose to another record on Thursday as investors bet on strong earnings from big tech companies next week.

The tech-heavy benchmark climbed 0.6% to close at a new high of 13,530.91 as Apple shares popped 3.7%. 

Apple’s jump came after top analyst Katy Huberty from Morgan Stanley said she expects a record December quarter print for the tech giant. Optimism is rising that major technology companies will impress Wall Street when they hand in earnings reports next week. Apple and Facebook have risen 7.7% and 8.6%, respectively, this week ahead of their quarterly results, while Microsoft has gained 5.8%.

Biden released details of his Covid plan on his first full day in office, including 10 executive orders and his intent to use the Defense Production Act to ramp up protective equipment production. Biden will seek to accelerate the rollout of vaccines by providing more local and state funding, creating more vaccination sites and launching a national education campaign.

Thursday’s action came after a better-than-expected reading on jobless claims. First-time claims for unemployment insurance totaled 900,000 for the week ended Jan. 16, lower than an estimate of 925,000 according to economists surveyed by Dow Jones.

Plan A : Short if market failed to support above 13330. Targets are 13289, 13251 and 13205.

Plan B : Long if market supported firm above 13330. Targets are 13361, 13394 and 13422.