:00am (EST)
The bulls had a chance to turn April into a winning month but failed to hold their momentum following last week’s 4-day rally.
The Dow fell 15 points, or 0.1%, to close at 13,213. The blue-chips actually added a point for the month but traded in the red all session long while hitting a low of 13,176 late in the day.
The S&P gave back 5 points, or 0.4%, to finish at 1,397. The index kissed a low of 1,394 and finished April with an 11 point loss after giving up the 1,400 level shortly after the open.
The Nasdaq declined 23 points, or 0.7%, to settle at 3,046. We were looking for a close below 3,050 as Tech traded to a low of 3,043. The index fell 45 points, or 1.5%, in April after starting at 3,090.
The S&P Volatility Index ($VIX, 17.15, up 0.83) jumped 5% on Monday and reached a peak of 17.41.
With the Dow just above 13,200; the S&P and Nasdaq just below 1,400 and 3,050; and with the VIX below 17.50 – we still have mixed signals. We were specific in what clues we will be looking for that establishes the next trend in our Weekly Wrap and Monday Morning Outlook so let’s stay patient and focused.
Futures are showing a slightly higher open this morning and look like this: Dow (+12); S&P (+1); Nasdaq 100 (+1).
Subscribers, check the Members Area for the updates. We have also added some new candidates to the Watch List.