"Well, we're a day closer to Friday and the Jackson Hole speech
by Fed President Ben Bernanke," remarked Schaeffer's Senior
Technical Strategist Ryan Detrick. "Similar to the past few days,
we didn't move. Volume is incredibly light as everyone continues to
wait for the central banker's comments." In low-volume trading, the
Dow Jones Industrial Average (DJI)
spent the session bouncing all around breakeven, and finally found
a roost in negative territory.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
By the time closing bell sounded today, the
Dow Jones Industrial Average (DJI - 13,102.99)
tallied its second consecutive loss, dropping 21.7 points, or 0.2%.
Nineteen of the Dow's 30 components posted deficits, with
Hewlett-Packard Company's (
HPQ
)
1.8% loss leading the way. Intel Corporation (
INTC
) lead the nine outperforming blue chips with a 0.6% rise, while
The Walt Disney Company (
DIS
) remained unchanged.
Once again, the
S&P 500 Index (SPX - 1,409.30)
turned south for the day, and the
Nasdaq Composite (COMP - 3,077.14)
inched into the green. The SPX was nearly flat, dropping 1.1 point,
or 0.08%, while the COMP added roughly 4 points, or 0.1%.
The
CBOE Market Volatility Index (VIX - 16.49)
was slightly higher for the session, gaining 0.9% to settle below
its intraday high of 16.92.
Today's highlight
: "Today's S&P/Case-Shiller 20-city composite data was another
step in the right direction for housing," said Detrick. "Sure
consumer confidence was weak, but I continue to think that housing
holds the key to this recovery. Should housing continue to actually
lead our economy, it could be a nice sign that overall growth is
coming later this year."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
After three straight down days, crude futures got a boost on the
potential impact of supply disruptions from Gulf of Mexico due to
the recently upgraded Hurricane Isaac. October-dated oil increased
86 cents, or 0.9%, to settle at $96.33 a barrel.
Conversely, gold futures turned lower and halted their three-day
winning streak. Ahead of Friday's widely anticipated comments from
Fed Chairman Ben Bernanke, speculators cashed in their profits and
stayed on the sidelines. By the close, gold for December delivery
trimmed off $5.90, or 0.4%, to end at $1,669.70 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,102.99)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,409.30)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,077.14)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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