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  • Shutdown And Trading Range Continue 0 comments
    Oct 16, 2013 12:12 PM

    Shutdown and Trading Range Continue

    9:00am (EST)

    The on again off again headlines on if the zombies are close to deal or not keep changing like the wind and affected Wall Street as the deadline is now less than 48 hours away. Tuesday's session was choppy and bearish but showed some strength based on the headlines that were flowing out of DC.

    The Dow declined 133 points, or 0.9%, to finish at 15,168. The blue-chips went out near their lows after failing below the 15,200 level and making an attempt to hold positive territory by midday. The next wave of support is at 15,000-14,800 with the bulls needing to clear resistance to get 15,350 back in play.

    The S&P 500 fell a dozen points, or 0.7%, to settle at 1,698. The index tested 1,700 after the open but rebounded to kiss 1,711 before fading in the afternoon. The close below 1,700 gets 1,675 back into play. A move past 1,710 again keeps 1,725 in the mix.

    The Nasdaq dropped 21 points, or 0.6%, to end at 3,794. Tech set another 52-week high of 3,824 before falling to a low of 3,789 and ending below 3,800. There is risk down to 3,750-3,700 on continued weakness while a break above 3,825 keeps 3,850 in play.

    The Russell 2000 back peddled 10 points, or 1%, to close at 1,079. The small-caps traded in negative territory throughout the session and tested a low of 1,077 but held 1,075. A close below this level would get 1,050 back in play while a run to 1,100 is still possible if 1,090 is cleared.

    The S&P 500 Volatility Index ($VIX, 18.66, up 2.59) zoomed 16% and cleared 17.50 during yesterday's chaos. A close back above 20 would not be good.

    Despite credit agency Fitch putting the U.S. on a credit watch downgrade, futures are showing a higher open as we head to press and look like this: Dow (+85); S&P 500 (+10); Nasdaq 100 (+13).

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