FRIDAY'S MARKET WRAP-UP
Market Snapshot for November 7, 2011 (11:28 p.m. ET):
Closing Prices: DOW 12,068.39 (+85.15, +0.71%), S&P 500 1,261.12 (+7.89, +0.63%), NASDAQ 2,695.25 (+9.10, +0.34%), Nikkei 225 8,701.46 (-65.63, -0.75%), DAX 5,928.68 (-37.48, -0.63%), FTSE 5,510.82 (-16.34, -0.3%)
OIL 95.59, GOLD 1,793.60, SILVER 34.81
EURO 1.3745, YEN 78.01, BRITISH POUND 1.604, U.S. DOLLAR INDEX 77.23
Tricky Trading Environment
Volume was on the light side on Monday as the market plodded along without any strong direction. The upper channel resistance on the 30 minute time frame held the market in early in the session as anticipated with highs established for the morning by 10:00 a.m. ET, but the rollover offered little for strong intraday trading strategies. The Nasdaq had the best technical guidance, hitting a third high on the two-minute time frame heading into the reversal, but once the selling began it was marked by a great deal of overlap from one bar to the next on the five-minute time frame with choppy trade throughout most of the session.
The buyers returned in the early afternoon after the market hit support at 12:30 ET, but the pace was slow to begin with before popping into 14:00 ET. The recovery after that point was similar to morning trade with a lot of overlap and no clean continuation patterns. Nevertheless, the market managed to recover the morning's losses and returned to close at the day's highs.
Dow Jones Industrial Average (Figure 1)