"It seems recently that we've been hit with a string of weak
data pointing to a slowing U.S. economy," stated Schaeffer's Senior
Technical Strategist Ryan Detrick. "So, it was nice to finally get
some better-than-expected economic news, as the ISM services index
for May came in a little higher than estimates. Nonetheless, it
seemed like the market was simply catching its breath before making
its next big move." The
Dow Jones Industrial Average (DJI)
battled through an up-and-down session today and ultimately made a
modest leap into positive territory.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- The European financial and political turmoil could
devalue the greenback and buoy gold
- Plus, Ryan talked to the FOX Business Network about the
an upbeat summer
positivity in the consumer sector
Dow Jones Industrial Average (DJI - 12,127.95)
started the day at its session low of 12,072.17, and then began its
trek north. By the closing bell, the Dow added 26.5 points, or
0.2%, ending off of its session peak of 12,147.55, Seventeen of the
30 blue chips closed the day with gains, as JPMorgan Chase (
) paced the winners with a 3.2% jump. United Technologies (
) led the thirteen laggards with a 0.8% drop.
S&P 500 Index (SPX - 1,285.50)
notched a second straight day higher, tacking on 7.3 points, or
0.6%. Meanwhile, the
Nasdaq Composite (COMP - 2,778.11)
fared the best of its fellow benchmarks and turned in a 18.1-point,
or 0.7%, climb.
CBOE Market Volatility Index (VIX - 24.68)
recorded a 5.5% loss today, landing just atop its session low of
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures ended a second-straight session in positive
territory, catching a lift from the surprise rise in the Institute
for Supply Management's (ISM) service sector report for April.
July-dated crude added 31 cents, or 0.4%, to close at $84.29.
Gold futures were also able to eke out a win today. Even though
the dollar strengthened on the upbeat ISM data, gold for August
delivery inched up $3, or 0.2%, to end at $1,616.90 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,127.95) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,285.50) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,778.11) - 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
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