The market ended mixed on Wednesday but the bulls still cleared green on 3 of the 4 major indexes with the blue-chips siding with the bears. The choppy action comes ahead of this morning’s unemployment figures and Friday’s GDP numbers.
The Dow dropped 43 points, or 0.3%, to finish at 14,676. The blue-chips made a brief trip into positive territory at the open and kissed 14,747 before testing 14,666 and finishing near their low. Support is at 14,600 while resistance remains at 14,800. A break above or below these levels could be the start of the next trend heading into May.
The S&P 500 added a hundredth of a point (0.01) to close at 1,578.79. The index hit a high of 1,583 while support at 1,575 held following the early morning dip to 1,575.80. This was a bullish sign but a close below this level or a drop below 1,560 gets 1,550 in play, again.
The Nasdaq gained a third of a point (0.32) to settle at 3,269.65. Tech traded up to 3,277 but failed to hold 3,275 which is confirmation for another push to 3,300. The low checked in at 3,255 as support at 3,250 held.
The Russell 2000 jumped 5 points, or 0.5%, to end at 934. The small-caps showing strength in a lackluster day was positive for the bulls but they still need to clear 940 for confirmation of a test back to all-time highs. Support is back at 920.
The S&P 500 Volatility Index ($VIX, 13.61, up 0.13) was subdued by closed back above 13.50. A break above 15 could cause some Nervous Nelly’s to sell.
Futures look like this ahead of the bell: Dow (+46); S&P 500 (+6); Nasdaq 100 (+13).
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