Bulls Cut Losses, Bears Get Win

9:00am (EST)

The bulls recovered nearly half their losses off the lows on Monday after the bears tried to push support throughout the day. Economic news was light and shouldn’t play a role in this week’s action as 4Q earnings take center stage starting this afternoon.

The Dow dropped 51 points, or 0.4%, to finish at 13,384. The blue-chips traded to a low of 13,343 and we were looking for 13,350 to hold as support. The bulls are still trying to push 13,600 over the near-term while the bears are targeting a move back below 13,200.

The S&P 500 slipped 5 points, or 0.3%, to settle at 1,461. The index traded to a low of 1,456 but easily held 1,450 before rebounding. Resistance is up ahead at 1,475.

The Nasdaq gave back 3 points, or 0.1%, to end at 3,098. Tech traded to a low of 3,083 but held 3,075 as Apple (AAPL, $523.90, down $3.10) weighed on the index with its slight pullback. The bulls will try to recapture 3,100 as they still have their sights set on making a run at 3,200 while the bears will target a close below 3,050 this week.

The Russell 2000 declined 3 points, or 0.4%, to end at 875 while the S&P Volatility Index ($VIX, 13.79, down 0.04) was basically flat after trading up to 14.53.

Future are showing a lower open this morning and look like this: Dow (-24). S&P 500 (-3); Nasdaq 100 (-2). Subscribers, check the Members Area for the updates.

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Bulls Cut Losses, Bears Get Win

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