The bears won their second straight session on Tuesday after making another clean sweep on the major indexes. The bulls made a slight trip into positive territory but trading remained in a tight range with light volume.
The Dow declined 64 points, or 0.5%, to finish at 13,008. The blue-chips traded to a high of 13,082 but the 8-point gain was hardly noticed after the bears came within spitting distance of cracking 13,000.
The S&P 500 gave back a 6-pack, or 0.4%, to close at 1,379. The index touched a high of 1,387 but ended near its low for the day. Support has been holding at 1,375 but the bulls haven’t had the momentum this week to push 1,400.
The Nasdaq also fell a little over 6 points, or 0.2%, to settle at 2,939. Tech spent much of the morning session pushing higher ground, reaching 2,959, but struggled to hold any material gains before finishing a point off its low.
The Russell 2000 fell nearly 5 points to end at 786 while the S&P Volatility Index ($VIX, 18.93, up 0.90) popped another 5% and traded to 19.09. A move above 20 today could be a warning sign there is trouble ahead. (read more…)
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