"The retail sales number coming in much better than expected was
a nice change," said Schaeffer's Senior Technical Strategist Ryan
Detrick. "This number has been weak the past few months, and
today's data confirms the U.S. economy continues to improve. With
housing and consumer confidence both slowly improving, this is yet
another sign that the U.S. consumer isn't dead, and very well might
surprise to the upside during the second half of the year."
Although the
Dow Jones Industrial Average (DJI)
was up early on this news, the blue-chip barometer was flat on the
day.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,172.14)
was up more than 53 points at its session peak of 13,223.01 today,
but lost most of this by the time the closing bell sounded.
Ultimately, the Dow inched just 2.7 points, or 0.02%, higher.
Seventeen of the 30 components ended lower today, as Alcoa Inc. (
AA
) led the laggards with a 1.6% slide.
The Home Depot, Inc.'s (
HD
)
3.6% earnings-related bounce paced the winning minority.
The
S&P 500 Index's
(SPX - 1,403.93)
couldn't keep its early gains, and drifted to a fractional loss for
the session. Meanwhile, the
Nasdaq Composite (COMP - 3,016.98)
also parked in the red today, giving up 5.5 points, or 0.2%.
The
CBOE Market Volatility Index (VIX - 14.85)
increased by 8.4% today, and landed just below its intraday high of
15.06. This marked the VIX's third consecutive settlement below
15.
Today's highlight
: "Again, it came down to technicals, and once again the Russell
2000 Index (RUT) found trouble near the 800 level," noted Detrick.
"This isn't the end of the world, but my take is we need the RUT
above this area for the bull market's next leg higher to take
place."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures ended the day in positive territory, following a
better-than-expected U.S. retail sales report and well-received
economic reports out of the euro zone. The commodity was also
supported by elevated supply concerns out of the North Sea and the
Middle East. September-dated crude gained 70 cents, or 0.8%, to
settle at $93.43 a barrel.
Gold futures
racked up a second straight day in the red, as macroeconomic data
depleted safe-haven demand. As the greenback gained momentum, gold
for December delivery peeled back $10.20, or 0.6%, to close at
$1,602.40 an ounce. This marked the malleable metal's lowest price
since August 2.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,172.14)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,403.93)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,016.98)
- support at 2,400; resistance at 3,400
Click through to read coverage of 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.