Another Strange Session

9:00am (EST)

The market ended mixed again on Tuesday but this time it was the small-caps and Tech that finished positive while the blue-chips took a hit. There was another push towards resistance by the bulls at the open but we mentioned the bears had momentum in our midday update as they also pushed support.

The Dow dropped 33 points, or 0.2%, to close at 13,482. The blue-chips kissed a high of 13,567 shortly after the opening bell but once again never made a serious push at 13,600. The low for the session came in at 13,424. The Dow is still less than 1% away from 13,350 but also less than 1% from clearing resistance.

The S&P 500 gained 1.26 points, or 0.1%, to settle at 1,445.75. The index cleared resistance at 1,450, briefly, after trading up to 1,451.52 within minutes of the open. However, the low came in at 1,439 which was lower than Monday’s intraday bottom.

The Nasdaq added a 6-pack, or 0.2%, and went out at 3,120. Tech reached a peak of 3,131 but faded down to 3,101 with a little over an hour to go. We have said how crucial the 3,100 level was this week for the bulls and it seems buyers came in right at support. A break below 3,100 could get 3,050-3,000 in the mix real quick.

The Russell 2000 added a fifth of a point and was flat at 840 while the S&P Volatility Index ($VIX, 15.71, down 0.61) fell 4% and went out at its lows.

Futures are showing a slightly higher open this morning and look like this: Dow (+15); S&P 500 (+2); Nasdaq 100 (+7). Subscribers, check the Members Area for the updates.

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