The Dow saw its 5-session win streak snapped as the market ended mixed on Wednesday. The bears didn’t make much effort to push support while the bulls seemed sluggish in their attempt to breakout to new highs. Neutral days can be bullish and the saying is never short a dull market but yesterday’s action didn’t feel that way.
The Dow dropped 24 points, or 0.2%, to finish at 13,511. The blue-chips kissed a low of 13,468 but it was a higher low than Tuesday and yesterday’s losses can all be pinned on Boeing (BA, $74.34, down $2.60). We are still looking for a push past 13,600 but we are watching the bulls’ energy levels while a drop below 13,350 could be a warning sign.
The S&P 500 was up a third of a point and closed at 1,472.63. The index reached a peak of 1,473.96 after testing a low of 1,467. The 52-week high is 1,474.51. A win is a win but it would have been more convincing had the bulls cleared 1,475. The bulls and bears are battling over the next up or down 25 points that could signal a continuing trend until month’s end, or the index could stay range bound.
The Nasdaq added 7 points, or 0.2%, to settle at 3,117. Tech took a slight 4-point hit at the open but immediately brushed off the attack and traded toa high of 3,124.65. We have mentioned a close above 3,125 would be bullish and nearly triggered but the index gave back a little in the last hour of trading.
The Russell 2000 fell 2 points and went out at 882 while the S&P 500 Volatility Index ($VIX, 13.42, down 0.13) traded in a half-point range.
Futures are up as we head to press and look like this: Dow (+40); S&P (+7); Nasdaq (14). Subscribers, check the Members Area for the updates.