9:00am (EST)
The market traded in a tight range again on Wednesday with the bears getting the win as 3 of the 4 major averages ended the day lower. There has been a bevy of news this morning before the bell so let’s cover yesterday’s numbers quickly.
The Dow gained 11 points, or 0.1%, to finish at 13,049. The blue-chips traded to 13,018 at the open but once again held 13,000. The high for the session was 13,095 as the bulls just missed triggering 13,100. We have been mentioning how this level needs to be cleared before the bulls can look ahead to 13,200 and possibly 13,350.
The S&P 500 slipped 1.5 points, 0.1%, to settle at 1,403. The index fell to 1,401 shortly after the opening bell but recovered to push 1,408.81. The bulls still fell short of tripping 1,410 but held 1,400.
The Nasdaq gave back a 6-pack, or 0.2%, to close at 3,069. Tech kissed a low of 3,062 intraday but held 3,050 while pushing 3,082. The 20-point range was just noise but a break above 3,100 or a close below 3,050 could be the start of a new trend.
The Russell 2000 declined a point, or 0.1%, to end at 821. The small-caps dipped below 820 at the start of trading to 819.66 but pushed 825.88 shortly afterwards. The rest of the day was even tighter as the Russell traded within a 2-point range into the closing bell.
The S&P Volatility Index ($VIX, 17.74, down 0.24) stayed below 18 and dipped to a low of 16.99 as the bulls and bears continue to battle over the 17.50 level.
Futures are showing a higher open after the big ECB announcement to support the euro and the barrage of employment news: Dow (+60); S&P 500 (+7); Nasdaq 100 (+12). Much of the news has just been released and we will cover the details in our midday update.
In the meantime, subscribers, check the Members Area for the updates. Be ready to take action this morning as we may open new trades our take action on current ones.