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:
And now, a look at the numbers...
- Did the
SPX find a foothold
above key technical level?
- Sing a song of Facebook (
Monday, Bloody Monday.
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
) led the outperformers with a 2.6% jump. Boeing (
) paced the 22 losing components with a roughly 2% decline, while
) remained unchanged. The blue-chip barometer inched 0.7% higher
for the week, snapping its three-week losing streak.
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.
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.
: "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
For today's notable annual highs and lows,
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