Stocks See Red Ahead of Long Weekend, But Hold Onto Weekly Gains

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The Dow Jones Industrial Average (DJI) took a bit of a dive today, as the bulls stayed on the sidelines ahead of the Memorial Day weekend. "It's Friday and we all get a three-day break from worrying about Greece and Europe," stated Schaeffer's Senior Technical Strategist Ryan Detrick. "I'd say it was a light news day, but seeing the Thomson Reuters/University of Michigan consumer sentiment survey come in at its highest level since October 2007 was a nice sign. Remember, regardless of what happens in Europe, the U.S. economy has been holding tough. Seeing a confident consumer is a great sign."

Keep reading to see what else was on our radar today:

  • Did the SPX find a foothold above key technical level?
  • Sing a song of Facebook ( FB ): Monday, Bloody Monday.
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 12,454.83) touched a session peak of 12,533.12 earlier today, and tumbled as low as the 12,421.53 mark in the last hour of trading. But in the end, the Dow turned in a deficit of 74.9 points, or 0.6%. Just seven of the 30 blue chips crossed the finish line with wins, as Hewlett-Packard ( HPQ ) led the outperformers with a 2.6% jump. Boeing ( BA ) paced the 22 losing components with a roughly 2% decline, while Alcoa ( AA ) remained unchanged. The blue-chip barometer inched 0.7% higher for the week, snapping its three-week losing streak.

The S&P 500 Index (SPX - 1,317.82) couldn't keep its head above the breakeven mark today, and gave up 2.9 points, or 0.2%, by the closing bell. The Nasdaq Composite (COMP - 2,837.53) also closed lower, pulling back 1.9 points, or 0.07%. For the week, the SPX added 1.7%, while the COMP notched a 2.1% increase.

The CBOE Market Volatility Index (VIX - 21.76) moved north by 1% today, closing off of its session peak of 22.29, but sawed off 13.3% over the past week. The VIX still managed a second consecutive weekly finish above 20.

Today's highlight : "As was expected, we saw some profit taking ahead of the long weekend and the previous four-day win streak for the SPX," said Detrick. "But in the end, last week's lows held. We've noted several times how important the 1,290 area is , and although it's still early, so far so good."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Continued anxiety about Iran's nuclear program and an uptick in domestic consumer confidence supported oil futures for a second straight day. By the close, July-dated oil edged up 20 cents, or 0.2%, to finish at $90.86 a barrel. The commodity tallied a 0.7% drop on the week.

Gold futures also rose for a second consecutive session, as bargain-hunting investors sought the malleable metal ahead of the holiday weekend. Although the dollar rallied today, gold for June delivery was able to add $11.40, or 0.7%, and land at $1,568.90 an ounce. For the week, however, the commodity slipped 1.4%.

Levels to Watch in Trading :

  • Dow Jones Industrial Average (DJI - 12,454.83) - support at 11,500; resistance at 14,000

  • S&P 500 Index (SPX - 1,317.82) - support at 1,100; resistance at 1,500

  • Nasdaq Composite (COMP - 2,837.53) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

For today's notable annual highs and lows, click here .

SCHAEFFER'S MARKET POSTURE

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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: AA , BA , FB , HPQ , P

Schaeffer's Investment Research

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