9:00am (EST)
The market had another mixed session that ended pretty much the same way as the day before as the blue-chips managed a small gain while Tech and the Financial stocks held back the other indexes.
The Dow gained 19 points, or 0.1%, to settle close at 13,596.93. The blue-chips reached a peak of 13,599.02 and we showed the decimals which emphasizes just how close the bulls were to closing above resistance at 13,600.
The S&P 500 declined less than a point, or 0.1%, to finish at 1,460. The index traded down to 1,449.98 which was a grass blade below 1,450 and another key level we have been mentioning as prior resistance and is now trying to hold as key support. The S&P also made a brief trip into positive territory late in the session but it was less than a fifth of a point. The magic close for the bulls will be 1,475 or better which is a 1% move on a typically bullish September option expiration day.
The Nasdaq slipped 6.66 points, or 0.2%, to end at 3,175. Ironic, huh? We have mentioned support at 3,150 has been solid all week and yesterday’s low came in at 3,156. Although Tech has been lagging, Wall Street is buying the dips for now.
The Russell 2000 traded below our 850 support target and hit 847 before rebounding. The small-caps settled at 851.51, down nearly 5 points, and stayed in the red all day like Tech. The S&P 500 Volatility Index ($VIX, 14.07, up 0.19) barely budged and stayed well below 15 after peaking at 14.67.
The bears are up nearly 1% for the week but we mentioned in our Weekly Wrap September option expiration day has been bullish over the past decade. Futures were up throughout the night and have gotten stronger as we head to press: Dow (+57), S&P 500 (+6); Nasdaq 100 (+15).
We could have another busy day as there a few trades on our Watch List that look ripe for the picking. We have room for up to 5 more New Trades so stay locked and loaded in case we take action. Subscribers, check the Members Area for the current trade updates.
