Stock market faces resistance to recovery

This resistance came in several forms:

  • 5 minute 200 sma and 15 minute 200 sma resistance in the Nasdaq, as well as a 38% fibonacci retracement of the earlier selloff;
  • opening highs in the Dow with a 50% retracement to highs, and afterhours congestion on Tuesday;
  • and opening highs, afterhours congestion on Tuesday, and a 62% fibonacci retracement in the S&P 500 futures were just a few of the resistance levels that held at the close.

S&P 500 (Figure 2)

Wednesday's Index Wrap-up

The Dow Jones Industrial Average ($DJI) ended the day on Wednesday with a gain of 4.16 points, or 0.03%, and closed at 12,107.74.Two-thirds of the Dow's thirty index components ended the session in the black. The strongest were General Electric (GE) (+2.37%), Coca-Cola (KO) (+1.71%), and Chevron (CVX) (+1.70%). The weakest were IBM (-3.08%), Cisco Systems (CSCO) (-2.66%), and Hewlett-Packard (HPQ) (-1.81%).

The S&P 500 ($SPX) finished the session with a gain of 2.42 points, or 0.19%, and closed at 1,243.72. The strongest individual percentage performers in the index were Cintas Corp. (CTAS) (+9.30%), Yahoo (YHOO) (+5.82%), and Tenet Healthcare (THC) (+4.50%). The weakest were Oracle (ORCL) (-11.66%), Citrix Systems (CTXS) (-7.76%), and F5 Networks Inc. (FFIV) (-6.64%). Oracle's losses followed weaker-than-anticipated quarterly earnings and was responsible for a very large portion of the Nasdaq's overall decline.

<< Page 2 of 3 >>
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome