"Last Friday, the S&P 500 (
) broke below its 200-day moving average for the first time since
December. After the sharp sell-off on the Street, many were hoping
for a nice rally, as futures showed strength in pre-market
trading," said Schaeffer's Senior Equity Analyst Joe Bell. "The
celebration didn't last long, though, as the market once again
failed to maintain early gains, and most sectors finished with
Dow Jones Industrial Average (DJI)
fared no better, and endured a near 109-point swing that ultimately
led to a negative return.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Can the
tech sector rescue the broader market
from a deeper decline?
- Plus, check out the most recent commentary from
Dow Jones Industrial Average (DJI - 12,101.46)
touched a session peak of 12,143.69 right out of the gate, and
tumbled as low as 12,035.09 in mid-morning trading. But in the end,
the Dow turned in a deficit of 17.1 points, or 0.1%, ending a
second straight session below its 200-day moving average. Half of
the 30 blue chips crossed the finish line with wins, as Home Depot
) led the outperformers with a 1.7% jump. JPMorgan Chase (
) paced the 15 losing components with a 2.9% decline.
S&P 500 Index (SPX - 1,278.18)
was able to keep its head above the breakeven mark today, and eked
out a fractional gain by the closing bell. The SPX also notched its
second consecutive settlement below its 200-day trendline.
Nasdaq Composite (COMP - 2,760.01)
closed with a 12.5-point, or 0.5%, gain, enough to edge back atop
its 200-day moving average.
CBOE Market Volatility Index (VIX - 26.12)
moved south by 2% today, closing above its session low of 25.72.
The VIX was able to maintain its perch atop the 26 level.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures closed higher for the first day out of the last
five, as bargain-hunting investors scooped up the commodity after
it fell to an eight-month low last week. Crude for July delivery
added 75 cents, or 0.9%, to finish at $83.98 a barrel.
After last week's profit taking, gold futures couldn't
capitalize on a faltering dollar and
lackluster economic data from home and abroad
. August-dated gold slipped $8.20, or 0.5%, to land at $1,613.90 an
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,101.46) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,278.18) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,760.01) - 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
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