Market Ends Mixed with Tech Up, Financials Down
The bears made another attempt at cracking near-term support but the bulls held for the most part with Tech and the small-caps posting a gain. The Financial stocks continued their slide and weighed on the major indexes but don't give up on them as they could be bottoming. The bulls will need the Financials if they plan to make another push higher.
The Dow fell 67 points, or 0.4%, to close at 15,334. The blue-chips traded to a low of 15,327 after reaching a peak of 15,433 earlier in the session to end just below 15,350. Resistance still remains at 15,500-15,600 with support coming in at 15,300-15,200.
The S&P 500 slipped 4 points, or 0.3%, to finish at 1,697. The index fell below the 1,700 level for the second-straight session on the open but recovered to push a high of 1,707 before fading into the close. Resistance is at 1,710 and then 1,725 but the close below 1,700 keeps 1,675-1,650 on deck.
The Nasdaq advanced 3 points, or 0.1%, to settle at 3,768. Tech traded to a low of 3,753 but held 3,750 before making a run past 3,775 to 3,789. This keeps 3,800 in the mix and we mentioned a close above this level could set up a surge to 4,000 by yearend. A close below 3,750 would be bearish.
The Russell 2000 was higher by 2.5 points, or 0.2%, and ended at 1,074.68. The small-caps kissed a low of 1,066 after the opening bell but came close to clearing 1,075 by the close. The bulls are still trying to ring the bell at 1,100 while the bears want to get the action back below 1,050-1,040.
The S&P 500 Volatility Index ($VIX, 14.08, down 0.23) traded up to 14.37 before falling to a low of 13.75. A close above 15 would be bearish - under 13.50, bullish.
As we head to press, futures are showing a higher open: Dow (-8); S&P 500 (-2); Nasdaq 100 (-1).