Despite Euro-Zone Anxiety, Stocks Maintain Even Keel

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The Dow Jones Industrial Average (DJI) edged into positive territory for a short time this afternoon, but lost that momentum by the closing bell. "Wall Street seemed to be at a standoff after Friday's disappointing jobs numbers," said Senior Equity Analyst Joe Bell. "Global markets were shaken after uncertainties arose as to whether newly elected governments in France and Greece will uphold their previously agreed-to austerity measures. And U.S. markets were relatively flat, with many major indexes right above key technical support areas."

Keep reading to see what else was on our radar today:

  • Deja vu: Wall Street gripped by the euro zone , again?
  • Traders are also watching key technical levels in the IWM and SPY .
  • Plus, Bernie Schaeffer explained why the VIX is on a hair trigger .
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

Notching its fourth down day in a row, the Dow Jones Industrial Average (DJI - 13,008.53) lost 29.74 points, or 0.23%. At its session low, the Dow was off more than 68 points. Twelve out of the 30 blue chips ended with wins, as Bank of America ( BAC ) and Walt Disney ( DIS ) led the outperformers with gains of 2.8% and 2.1%, respectively. Hewlett-Packard ( HPQ ) paced the losing majority with a 1.7% drop, while American Express ( AXP ) stayed unmoved.

The S&P 500 Index (SPX - 1,369.58) took the long way to get to breakeven today, but closed a third consecutive session below 1,400. By the time the dust settled, the SPX was able to inch up 0.5 point, or 0.04%. Meanwhile, the Nasdaq Composite (COMP - 2,957.76) eked out a 1.4-point, or 0.05%, increase.

The CBOE Market Volatility Index (VIX - 18.94) pulled back 1.2% by the closing bell, ending just atop its intraday low of 18.41.

Today's highlight : "The iShares Russell 2000 Index Fund ( IWM ) and SPDR S&P 500 ETF Trust (SPY) were both able to hold their previous April lows," noted Bell. "Technically speaking, the bulls would like to see these crucial levels hold."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Oil futures settled lower for a fourth consecutive session today, following weekend elections in France and Greece -- which raised concerns that euro-zone austerity measures could be foiled. As the commodity continued to be plagued by demand concerns, June-dated crude gave up 55 cents, or 0.6%, to settle at $97.94 a barrel -- its lowest closing price in three months.

Similarly, gold futures took a dip today, pressured lower by the euro-zone elections. As the dollar tracked higher against the faltering euro, gold for June delivery fell $6.10, or 0.4%, to land at $1,639.10 an ounce.

Levels to Watch in Trading :

  • Dow Jones Industrial Average (DJI - 13,008.53) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,369.58) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 2,957.76) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

For today's notable annual highs and lows, click here .

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: AXP , BAC , DIS , HPQ , IWM

Schaeffer's Investment Research

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