The day ends with the Dow Jones Industrial Average (DJIA) down 52 points and showing a low-to-high range of 186 points. That is a bit more movement than we saw yesterday and shoots down talks of a quiet day.
Though, while it wasn't exactly quiet, the day also wasn't big in terms of net movement. None of the broad market indices dropped more than 1%.
Recent posting noted the S&P 500 had made a run at resistance and that can be seen in the charts below. The S&P 500 is still within striking distance of resistance but a higher open/lower close doesn't look good on a chart. I also thought the extended intraday chart of the Dow Jones Industrial Average was worth bringing back.
I discussed this chart last week as the Dow broke the short-term uptrend. What we see today is the rejection at the recent highs. I have moved up the near-term support zone to last week's lows and this now gives us a fairly tight range to watch.
The major indices in New York settled in negative territory after a mostly positive day as investors digested a harsher forecast for GDP and unemployment from the Federal Reserve. The Dow Jones Industrial Average lost 52.81 points, or 0.6%, to 8422.04, while the S&P 500 moved 4.66 points, or 0.5%, lower to 903.47. The Nasdaq was off by 6.70 points, or 0.4%, at 1727.84.
And that is where I will pick up in the morning. Have a nice trading day........
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