9:00am (EST)
The bulls were able to bounce back on Thursday as they held support to snap the bears 2-session win streak. However, the gains were limited as the market traded flat for the second half ahead of Apple’s (AAPL, $609.54, down $7.29) earnings announcement after the close.
The Dow gained 26 points, or 0.2%, to end at 13,103. The blue-chips traded to a high of 13,164 but gave back their near triple-digit pop at the open after falling to a low of 13,039 just before Wall Street’s lunch break. Near-term resistance remains 13,200 with support at 13,000.
The S&P 500 advanced 4 points, or 0.3%, to finish at 1,413. The index made a run at 1,425 but fell short at 1,421 before heading lower to test 1,405. The bulls held support at 1,400 as the S&P traded in a tight 3-point range once it cleared 1,410 again.
The Nasdaq also added 4 points, or 0.2%, to settle at 2,986. Tech reached a peak of 3,007 but we mentioned yesterday a close below 2,975 could be a clue 2,950 was coming. The low was 2,975.98.
The big news after the close was Apple as analysts seemed divided on their numbers. It is always hard to bet against the company when it comes to beating Wall Street’s estimates but we were in the camp they would miss and that they did to a degree. (continued…)
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