Stock indexes hold support -- Now what?

Market Snapshot for September 26, 2011 (6:43 pm ET):

  • Closing Prices: DOW 11,043.86 (+272.38, +2.53%),S&P 500 1,162.95 (+26.52, +2.53%), NASDAQ 2,516.69 (+33.46, +1.35%), Nikkei 225 8,374.13 (-, -), DAX 5,345.56 (+149, +2.87%), FTSE 5,089.37 (+22.56, 0.45%)
  • OIL 81.30, GOLD 1,630.50, SILVER 30.725
  • EURO 1.3515, YEN 76.33, BRITISH POUND 1.5548, U.S. DOLLAR INDEX 79.065

Index Results

The Dow Jones Industrial Average ($DJI) ended the day on Monday with a gain of 272.38 points, or 2.53%, and closed at 11,043.86. All of the Dow's thirty index components ended the session in the black. The top performers were JP Morgan Chase (JPM) (+6.96%), Bank of America (BAC) (+4.60%), Boeing (BA) (+4.20%), and Caterpillar (CAT) (+4.05%). The banks led the Dow following speculation that the European Central Bank could be cutting interest rates next month and expanding its own financial bailout plan known as the European Financial Stability Facility.

The S&P 500 ($SPX) gain of 26.52 points, or 2.33%, and closed at 1,162.95. The top percentage performers in the index were Consol Energy (CNX) (+9.03%), Berkshire Hathaway (BARK.B) (+8.62%), Huntington Bancshares (HBAN) (+8.26%), and Suntrust (STI) (+8.01%). CNX shares were higher after announcing that it sold its royalty interest in the Marcellus Shale in Pennsylvania and West Virginia. The weakest were Clorox Co. (CLX) (-4.27%), Sprint Nextel (S) (-2.83%), MEMC Electr. Materials (WFR) (-2.78%), and Applied Materials (AMAT) (-1.98%).

The Nasdaq Composite ($COMPX) ended the session higher by 33.46 points, or 1.35%, on Monday and it closed at 2,516.69. The top gainers in the Nasdaq-100 ($NDX) were KLA-Tencor (KLAC) (+5.19%), Whole Foods Market (WFM) (+4.94%), Expedia (EXPE) (+4.67%), and Citrix Systems (CTXS) (+4.63%). Only 16 posted a loss. The weakest were Vertex Pharmaceuticals (VRTX) (-3.65%), Sirius XM Radio (SIRI) (-2.34%), and Applied Materials (AMAT) (-1.98%).

Dow Jones Industrial Average (Figure 1)

Europe Scrambles to Find Stability

After a week of selling, the market took Friday's foothold and ran with it, leading to the biggest gain the Dow Jones Ind. Average had experienced in a month. The rally had several points of ignition. The first one is the one I wrote about in yesterday's column and was purely technical. The indices had established two lows on the 15 minute charts last week. The second was slightly lower than the first, which created a type of bear trap known as a 2B.

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