The S&P 500 ($SPX) fell 15.90 points, or 1.19%, and closed at 1,317.37. The top percentage performer in the index was CF Inds. Holdings (CF) (+6.25%). Only 34 of the index's 500 components ended the session in the black. Other top performers on Monday were Staples (SPLS) (+2.08%), O'Reilly Automotive (ORLY) (+1.05%), and Sprint Nextel (S) (+1.83%). The weakest percentage performers were Compuware Corp. (CPWR) (-3.96%), Textron Inc. (TXT) (-3.87%), International Paper (IP) (-3.86%), and AES Corp. (AES) (-3.84%).
Nasdaq Composite (Figure 3)
The Nasdaq Composite ($COMPX) ended the session lower by 44.42 points, or 1.58%, on Monday and it closed at 2,758.90. The top performers in the Nasdaq-100 ($NDX) were Staples (SPLS) (+2.08%), O'Reilly Auto. (ORLY) (+1.95%), and Vertex Pharmaceuticals (VRTX). Only five index components posted a gain. Ctrip.com (CTRP) (-4.26%), Baidu (BIDU) (-3.88%), Intuit (INTU) (-3.73%), and Priceline (PCLN) (-3.54%) were the weakest performers.
This week is a busy week for real estate data. Watch for new home sales on Tuesday. They are expected to remain unchanged for April. Pending home sales are due out on Friday.
Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.
Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.