On Wednesday, the World Bank raised its growth forecast for the global economy. This may have spurred bullish optimism, as the US markets opened up and moved higher in the morning session. The market was unable to push higher than the 11:00 am high, so it ranged sideways for the remainder of the day.

The Nasdaq gained +31 points (+0.76%) and the S&P added +9 points (+0.52%). Volume was above average today, and the bulls beat the bears by 2 to 1 in both market breadth and volume. Moreover, the S&P hit a new all time high and matched the highest closing mark of 1,848 set in December. The Nasdaq Composite set a new multi year high and closed at 4,213, above the resistance level of 4,180 formed over the last 3 weeks.