U.S. Markets Close Mixed, But Technical Picture Remains Upbeat

By
A A A

The Dow Jones Industrial Average (DJI) endured some wishy-washy action today, but the net result was very slight as the closing bell sounded. "There's an old saying that you never short a dull market, well, this is about as dull a market as you'll ever find," suggested Schaeffer's Senior Technical Strategist Ryan Detrick. "At the same time, I continue to think the market is simply catching its breath before it surges higher. Markets can correct in price or in time. Well, this one sure isn't correcting in price, and for this reason, the recent sideways action can be seen as a correction in time. All in all, though, things still look good."

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

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 13,164.78) stood on either side of breakeven today, but ultimately turned lower for the day, giving back 7.4 points, or roughly 0.1%. Yet, the Dow still racked up an eighth consecutive settlement atop 13,100. Sixteen of the 30 blue chips solidified wins today, as Bank of America Corp ( BAC ) paced the outperformers with a 1.2% rise. Intel Corporation ( INTC ) and Merck & Co., Inc. ( MRK ) led the 14 laggards with losses of 0.8% apiece.

On the other hand, the S&P 500 Index (SPX - 1,405.53) and Nasdaq Composite (COMP - 3,030.93) climbed into the green today. While the SPX inched up by 1.6 points, or 0.1%, the tech-rich COMP jumped nearly 14 points, or 0.5%, enjoying the best performance of its fellow benchmarks.

The CBOE Market Volatility Index (VIX - 14.63) dipped 1.5% today, and found a perch just above its session low of 14.36. The VIX has now closed below the 15 mark for four straight days.

Today's highlight : "The key to today's market can be found on the beaches of the East Coast. That's because that's where all of Wall Street is right now," smiled Detrick. "We had another extremely low-volume day, with very little movement. Not much more to say other than this is what usually happens in August. Don't worry, it'll end soon enough."

Turning to today's major market stories...

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

Following data from the Energy Information Administration (EIA) that showed a bigger-than-projected drop in weekly crude supplies, oil futures leapt to their highest price in three months. The commodity also got a boost from increasing tensions in the Middle East. Against this backdrop, September-dated oil tacked on 90 cents, or 1%, to settle at $94.33 a barrel.

Gold futures reversed their two-session pullback today, as the commodity was buoyed by sentiment that the macroeconomic picture will deter the Federal Reserve from implementing a stimulus package. By the close, gold for December delivery gained $4.20, or 0.3%, to close at $1,606.60 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,164.78) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,405.53) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,030.93) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Click through to read coverage of today's notable annual highs and lows .

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: BAC , EMC , INTC , LVS , MRK

Schaeffer's Investment Research

Schaeffer's Investment Research
  • See all for Schaeffer's Investment Research
  • View Print Version

More from Schaeffer's Investment Research:

Related Videos

Stocks

Referenced

Most Active by Volume

8,286,973
  • $17.224 ▲ 0.61%
6,924,156
  • $10.85 ▲ 0.09%
6,409,515
  • $34.51 ▼ 2.18%
5,786,625
  • $35.03 ▲ 2.13%
4,187,497
  • $116.90 ▲ 0.37%
4,046,704
  • $26.94 ▲ 0.22%
3,969,735
  • $47.49 ▼ 1.02%
3,871,916
  • $36.10 ▲ 1.43%
As of 11/24/2014, 09:48 AM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com