The market's pace shifted further afterhours on Wednesday and into early Thursday morning, which leaves the bears at the helm on the 15 minute time frame on Thursday. This will create a stronger shift in the 60-minute momentum, making it difficult for the indices to push to sharply lower lows before creating a larger daily reaction to the support zone. Slightly lower lows, however, are still possible and the market bias is currently more favorable to day traders than those holding multiple days or weeks in securities that mimic the underlying market.
The Dow Jones Industrial Average ($DJI) ended the day with a gain of 38.45 points, or 0.31%, and closed at 12,394.66 on Wednesday. The top performers were DuPont (DD) (+1.78%), Caterpillar Inc. (CAT) (+1.67%), Alcoa (AA) (+1.37%), and Pfizer (PFE) (+1.27%). The weakest were Verizon (VZ) (-1.36%), Kraft Foods (KFT) (-1.26%), and Procter & Gamble (PG) (-0.94%).
The S&P 500 ($SPX) gain of 4.19 points, or 0.32% and closed at 1,320.47. The top percentage performers were Cabot Oil & Gas (COG) (+7.07%), National Oilwell Varco (NOV) (+5.65%), Halliburton (HAL) (+4.99%), and Baker Hughes (BHI) (+4.97%). Polo Ralph Lauren (RL) was the largest decliner, falling 11.35% following earnings. It was followed by losses in Compuware (CPWR) (-5.87%), Hormel Foods (HRL) (-4.76%), and H&R Block (HRB) (-4.09%).