The
Dow Jones Industrial Average (DJI)
was off more than 90 points at its intraday bottom, in an
up-and-down session on the Street. "It was an incredibly quiet day
on the news front," noted Schaeffer's Senior Technical Strategist
Ryan Detrick. "That's not always bad, but it does give us a better
feel for what Mr. Market wants to do. Given we had some sellers
once again, you have to be somewhat concerned that the bears might
finally be ready to play."
Click through to see what else was on our radar today:
And now, a look at the numbers...
Just before noon, the
Dow Jones Industrial Average (DJI - 13,482.36)
tripped to an session low of 13,424.92, but pared most of this
deficit by the time the dust settled. Ultimately, the Dow sawed off
32.8 points, or 0.2%, staying below its 10-day moving average.
Nineteen of the 30 blue chips finished with losses, as E I Du Pont
De Nemours And Co's (
DD
) 1.7% drop paced the laggards. On the other hand, Chevron
Corporation (
CVX
) led the 10 outperforming issues with a 0.6% upswing. Caterpillar
Inc. (
CAT
) remained unchanged.
Both the
S&P 500 Index (SPX - 1,445.75)
and
Nasdaq Composite (COMP - 3,120.04)
eked out wins in last-minute trading. The SPX inched 1.3 points, or
roughly one tenth of a percent, higher. Meanwhile, the COMP tacked
on 6.5 points, or 0.2%.
The
CBOE Market Volatility Index (VIX - 15.71)
dipped back below its 50-day moving average today, retreating 0.6
points, or 3.7%.
Today's highlight
: "JPMorgan Chase & Co. (JPM) was sued by the New York Attorney
General over mortgage bonds related to Bear Stearns," remarked
Detrick. "Nevertheless, the shares were virtually flat on the day.
Only in America!"
Though long-term bullish, Ryan has spotted several reasons to be
cautious of the recent drift lower for equities.
Click here for more
.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
After three consecutive up days, crude futures took a swift dive
in late trading, as investors are anticipating tomorrow's supply
data and Friday's payroll report. By the close, November-dated
crude slid 59 cents, or 0.6%, lower to land at $91.89 a barrel.
Gold futures also took a hit today, as speculators took their
profits from yesterday's
multi-month peak
. Gold for December delivery declined $7.70, or 0.4%, to settle at
$1,775.60 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,482.36)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,445.75)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,120.04)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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