The bears won their second-straight session on Tuesday despite the bulls holding the lead for much of the day. There was a little selling pressure in the final hour of trading which rattled the bulls but they were able to make one last push to get things back to nearly even.
The Dow gained 3 points, 0.02%, to end at 13,172. The blue-chips hit a high of 13,223 shortly after the open and retested this area shortly after lunch. The low for the day came in at 13,142 as the index continues to make higher highs and higher lows which is a bullish sign.
The S&P 500 slipped two-tenths of a point, or 0.01%, to settle at 1,403.93. The index traded in positive territory for much of Tuesday, hitting a high of 1,410, before testing 1,400.60 shortly before the close. A move above 1,410 would confirm a test to 1,425 is still in the mix while a finish below 1,390 could easily get 1,375 back in play.
The Nasdaq fell 6 points, or 0.2%, to finish at 3,017. Tech was a little choppier than the other major indexes as it fought to stay in positive territory. The index did reach a peak of 3,034 earlier in the session but fell to a low of 3,009.93 just before the close. The bulls are still pushing for 3,050-3,100 this week while the bears will try to keep the action below 3,000.
The Russell 2000 gave back 3 points, or 0.3%, to close at 796.88. We said yesterday the small-caps would need to clear 807-810 if they were going to push 825 but it was the second-straight close below 800 which bears watching. The Russell held this level all last week after clearing it the previous Monday.
The S&P Volatility Index (^VIX, $14.85, up 1.15) jumped 8% and traded to a high of 15.06 but still closed below 15 which was bullish.
As you can see, we are still stuck in a trading range with mixed signals while the world waits for another round of money printing.
Here is how futures look ahead of the bell: Dow (-20); S&P 500 (-2), Nasdaq 100 (-2).
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