The market finished mixed on Monday and stayed in a tight range for the second-straight session ahead of this week’s events. Economic news was light but will start to pickup but yesterday’s action was cautious as Wall Street prepares for the flood of earnings on tap.
The Dow gained 19 points, or 0.1%, to settle at 13,507. The blue-chips traded to a low of 13,459 shortly after the open but spent much of the day pushing green. The high came in at 13,520 and the close above 13,500 was bullish. The bulls are trying to clear 13,600 this week while the bears are looking for a close below 13,350.
The S&P 500 fell a little more than a point, or 0.1%, to finish at 1,470. The index kissed a low of 1,465 after the open and nearly made it back to even by the closing bell. A move above 1,475 would be extremely bullish for a run at 1,500. The bears are looking for a 2% move to get back under 1,450.
The Nasdaq dropped 8 points, or 0.3%, to end at 3,117. Tech was weak for much of the day but held 3,100 after hitting to a low of 3,104 an hour into the session. The bulls pushed 3,120 late in the day but it wasn’t enough as Apple (AAPL, $501.75, down $18.55) struggled to hold 5 bills.
Ben Bernanke said after the bell he would like to see the Debt Ceiling raised ASAP as he figures the zombies will be fighting until the 11th hour again. We mentioned in the Weekly Wrap there are not 1 but 3 major battles coming up over the next few months.
Futures are showing a lower open as we head to press and look like this: Dow (-46); S&P 500 (-7); Nasdaq 100 (-10).
We have added some new ideas to our Watch List and we are close to recommending some new trades if we can get confirmation of another leg higher. Subscribers, check the Members Area for the updates and stay on your toes for possible action to take once the market opens.