The bulls and bears went through the motions again on Monday which has been the case of late as neither side was willing to throw a punch to start this week action. The bears wrestled the bulls into a corner at the opening bell but the bulls were able to push another set of new highs for the major indexes before another fade into the close.
The flat action lead to a tight trading range as Wall Street prepares for another possible up Tuesday.
The Dow lost 19 points, or 0.1%, to end at 15,335. The bears pushed the 15,300 level on the blue-chips as they kissed 15,314 before breaking away to set a new all-time intraday high 15,391. A push to 15,500-15,600 is possible this week as long as the first layer of support holds.
The S&P 500 slipped 1 point, or 0.1%, to settle at 1,666. The bulls came within 3 points of triggering our 1,675 near-term target after they hit a high of 1,672.84 midday but couldn’t hold the gains. The dip to 1,663 was well above 1,650 but this level needs to be watched like a hawk.
The Nasdaq dropped 2 points, or 0.1%, to finish at 3,496. Tech danced with our near-term target of 3,500 after trading to a peak of 3,509 and the action cleared the way for a run to 3,600. Support is at 3,475 and yesterday’s low was 3,488.
The Russell 2000 was UP nearly 2 points, or 0.2%, and closed at 997.98. The small-caps triggered 1,000 after trading up to 1,001.50 and the positive close was b-u-l-l-i-s-h! The S&P 500 Volatility Index ($VIX, 13.02, up 0.57) closed above 13 after reaching 13.28 but held 13.50
We have a lot to cover today and as we head to press, futures look like this: Dow (+4); S&P 500 (-2); Nasdaq 100 (-3).
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