Following a dip to support, the market rebounded to close in positive territory following good earnings and a better-than-expected Durable Goods number. The bulls have a slight lead for the week but the bears can still win the week with a little effort.
The Dow advanced 13 points, or 0.9%, to end at 15,555 on Thursday. The blue-chips traded down to 15,455 before recovering to reach a peak of 15,560. The triple-digit move off the low and recovery was a good sign but the bulls are still having trouble clearing 15,600. Initial support at 15,500 has been solid but there is still risk down to 15,400-15,350 on a close below this level. (continued…)