Daily Wrap
DJIA +65.36 (+0.44%) to 15,112.19;S&P 500 +8.68 (+0.54%) to 1,628.93;NASDAQ +31.24 (+0.92%) to 2,959.50 Monday’s action start hot with a gap higher and a rally in the markets which lasted until roughly noon when we started to dip lower and then the decline started gaining some steam into late day trading. The highs of the day in the S&P 500 correlated with a first touch of the 50 day SMA which would be expected to be resistance. Today’s high now should become a key level to watch and if taken out the bulls may be back in control. Merger Monday was in affect…
Daily Wrap
DJIA +24.50 (+0.17%) to 14,700.80; S&P 500 +6.37 (+0.40%) to 1,585.16; NASDAQ +14.54 (+0.51%) to 2,848.66 The S&P 500 started with a small gap higher after a better than expected Unemployment claims number (339K vs 352K) which then waffled for the initial trading and then started to press higher. After an intraday consolidation, the S&P 500 again until around 2:30 pm EST when the index started to fade and continued lower until roughly the end of the day. While still closing higher, the S&P was roughly 7 points off the high. As we are in the thick of the earnings reports, each day…