The bulls recovered nearly half their losses off the lows on Monday after the bears tried to push support throughout the day. Economic news was light and shouldn’t play a role in this week’s action as 4Q earnings take center stage starting this afternoon.
The Dow dropped 51 points, or 0.4%, to finish at 13,384. The blue-chips traded to a low of 13,343 and we were looking for 13,350 to hold as support. The bulls are still trying to push 13,600 over the near-term while the bears are targeting a move back below 13,200.
The S&P 500 slipped 5 points, or 0.3%, to settle at 1,461. The index traded to a low of 1,456 but easily held 1,450 before rebounding. Resistance is up ahead at 1,475.
The Nasdaq gave back 3 points, or 0.1%, to end at 3,098. Tech traded to a low of 3,083 but held 3,075 as Apple (AAPL, $523.90, down $3.10) weighed on the index with its slight pullback. The bulls will try to recapture 3,100 as they still have their sights set on making a run at 3,200 while the bears will target a close below 3,050 this week.
The Russell 2000 declined 3 points, or 0.4%, to end at 875 while the S&P Volatility Index ($VIX, 13.79, down 0.04) was basically flat after trading up to 14.53.
Future are showing a lower open this morning and look like this: Dow (-24). S&P 500 (-3); Nasdaq 100 (-2). Subscribers, check the Members Area for the updates.