Dow Dips, SPX Snaps Winning Streak as Bulls Take a Breather

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"After the S&P 500 Index (SPX) gained for six straight sessions, a little pause was well deserved," said Schaeffer's Senior Technical Strategist Ryan Detrick. "Still, considering the losses were muted, you have to hand it to the bulls for hanging tough yet again." After falling 95 points to an intraday low of 13,112.94, the Dow Jones Industrial Average (DJI) battled back for a slimmer loss on the day.

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

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 13,169.43) saw a sixth consecutive settlement atop 13,100, but ultimately closed lower on the day. By the closing bell, the blue-chip barometer lopped off 38.5 points, or 0.3%. All but five components turned south today, as Alcoa Inc. ( AA ) led the 25 losers with a 1.7% slide. American Express Company ( AXP ) paced the outperformers with a 0.5% rise.

The S&P 500 Index's (SPX - 1,404.11) string of six straight wins came to an end with today's narrow loss, though the index kept its perch above 1,400. For the session, the SPX slipped 1.8 points, or 0.1%. On the other hand, the Nasdaq Composite (COMP - 3,022.52) climbed to a minor victory, notching a second consecutive day atop 3,020 for the tech-rich benchmark.

The CBOE Market Volatility Index (VIX - 13.70) dropped 7.1% today, and landed just above its session low of 13.67. This marked the VIX's lowest close since June 2007.

Today's highlight : "I'm looking forward to tomorrow," noted Detrick. "With retail sales on tap, we have potential market-moving news that could trigger some volatility. Given this has been a rather sleepy market over the past week or so, some movement would be a nice change to wake up market participants."

Turning to today's major market stories...

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

A sluggish session also ended poorly for gold futures, as the malleable metal reversed its recent three-day upswing today. By the close, December-dated gold gave up $10.20, or 0.6%, to end at $1,612.60 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,169.43) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,404.11) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,022.52) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Click through to read coverage of today's notable annual highs and lows .

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: AA , AAPL , AXP , BBBY , JCP

Schaeffer's Investment Research

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