"After the
past two days' price action
, the S&P 500 Index (SPX) has once again made a new two-month
high, and continued its strong trend off its June bottom," remarked
Schaeffer's Senior Equities Analyst Joe Bell. "We now will contend
with the May 2012 high and the 2012 high in the 1,410-1,420 area.
Perhaps we are a little overextended in the short-term, but the
trend is definitely pointing up." To boot, the
Dow Jones Industrial Average (DJI)
climbed to its highest price since May 3.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,168.60)
pierced the 13,200 level for the first time since May 4 today, and
at its session peak of 13,215.97, the blue chip barometer was up
more than 97 points. But the Dow gave up a little less than half of
this gain, and tallied a 51.1-point, or 0.4%, return by the closing
bell.
Cisco Systems Inc. (
CSCO
)
led the 21 outperforming components with a 2.7% increase, while
Pfizer Inc. (
PFE
) paced the nine laggards with a 2.1% dip.
The
S&P 500 Index (SPX - 1,401.35)
turned in its best finish since May 2, finding a perch atop the
1,400 mark. By the time the dust settled, the SPX added 7.1 points,
or 0.5%.
The
Nasdaq Composite (COMP - 3,015.86)
also jumped through a technical hurdle today, reclaiming the 3,000
level for the first time since May 3. The COMP enjoyed the best
performance of its fellow indexes and ran higher by nearly 30
points, or 0.9%.
The
CBOE Market Volatility Index (VIX - 15.99)
made its way to the 16 mark today, turning in 0.3% rise and a
session best of 16.03. Despite this push, the VIX notched its third
consecutive close below 16.
Today's highlight
: "There really weren't a whole lot of 'drivers' or major headlines
moving the market today," noted Bell. "Instead, market participants
saw a continuation of the steady upward momentum we have been
experiencing recently."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Crude futures made it three wins in a row today, as the dollar
continued to battle recent weakness. The commodity was also
supported by supply concerns from North Sea refineries and a more
than 2% spike in gasoline futures resulting from an explosion at a
Chevron Corporation (CVX) plant in California. By the close, oil
for September delivery jumped $1.47, or 1.6%, to land at $93.67 a
barrel -- its highest price since May 15.
Conversely, the faltering greenback couldn't buoy gold futures,
as investors headed to the sidelines following the precious metal's
recent two-session upswing. December-dated gold slipped $3.40, or
0.2%, to $1,612.80 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,168.60)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,401.35)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,015.86)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
At the end of every market day, the staff at Schaeffer's
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