Dow Jones Industrial Average (DJI)
jumped nearly 100 points in intraday action before settling with a
slim victory today. "European stock exchanges were up, which was
good considering how much overseas news can weigh on our markets
these days," stated Schaeffer's Senior Equity Analyst Joe Bell.
"New claims for unemployment were right around what was expected
and were slightly lower than last week's figure."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- GLD is
trading below a key technical level
- Why should you always
"manage risk first, and take risk second"
- Plus, Schaeffer's Senior Technical Strategist Ryan Detrick
new year-to-date peak in short interest
Dow Jones Industrial Average (DJI - 12,855.04)
was up 96.7 points at its intraday peak of 12,931.70, but could
only hold onto a 20-point, or 0.2%, gain. Today's advance ended the
Dow's six-day losing streak. Nineteen out of the 30 blue chips
finished higher, as Pfizer (
) led the outperformers with a 1.7% jump. Cisco Systems' (
) earnings-induced drop of 10.5% paced the 11 laggards.
S&P 500 Index (SPX - 1,357.99)
was able to eke out a win today, climbing 3.4 points, or 0.3%, by
the closing bell. But the tech-rich
Nasdaq Composite (COMP - 2,933.64)
couldn't keep its head above breakeven, and edged 1.1 points, or
CBOE Market Volatility Index (VIX - 18.83)
pulled below the 20 mark today, and closed down 6.2%, just above
its session low of 18.77.
: "Overall, the market held small gains throughout the day," said
Bell. "The Dow broke its six-day losing streak and closed above its
April low, but the Nasdaq was dragged down by
CSCO's worse-than-expected earnings report
. In addition, the
iShares Russell 2000 Index Fund (
is still trading above previous support and the neckline of its
potential head-and-shoulders pattern."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures snapped their six-day losing streak, as
bargain-hunting investors headed back to the market, and anxieties
over Spain and Greece appeared to lessen. By the close, crude for
June delivery added 27 cents, or 0.3%, to end at $97.08 a
Bargain hunting and easing concerns about the euro zone also
supported gold futures today, helping the commodity end its
three-day pullback. As the dollar faltered, June-dated gold gained
$1.30, or 0.1%, to close at $1,595.50 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,855.04) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,357.99) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,933.64) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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.