MomentumOptionsTrading.com Midday Update for 7/1/2014
Bears, Bulls Split Blue Monday as Tech Touches Fresh Highs
The market ended mixed on Monday as the bulls and bears continued their battle over near-term support and resistance. The bears got their second-straight Monday win as the blue-chips slipped but Tech and the small-caps continued their climb higher.
The Dow declined 25 points, or 0.2%, to end at 16,826. The blue-chips traded down to 16,801 on the open and held support at 16,800 before making a 20-point run to 16,871 shortly afterwards. The rest of the session favored the bears and there is risk to 16,600 on a close below 16,800. A move above 16,900 would all but guarantee the bulls ring the 17,000 bell.