This Pattern…Now Breaking Out
Stocks dropped off to lower levels today,
pushing the broader index futures to their support levels. The drop was mainly
due to a disappointing retail sales report that was released in early trade. Traders expressed concern that consumers may be slowing down on spending, an important part of the economic rebound.
The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) lost 9.00
to close at 1113.50, just above its support at 1100.00.
The June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) fell to
1010.79, which is close to the 1000 support line. Today’s loss was 9.69. And the
Dow Jones Industrial Average for June
(
DJM2 |
Quote |
Chart |
News |
PowerRating) lost 108.00 or 1.12% to
close at 9514, just above its 9500 support line.
Corn and soybean futures received some good news from a stronger-than-expected
weekly export sales report. July corn
(
CN2 |
Quote |
Chart |
News |
PowerRating) rose 5 cents or 2.42% to
close at $2.11 3/4 a bushel. July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating) rose 8.75 cents to
$5.02. July wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating) also had a strong showing today breaking
higher out of an inverted head and shoulder pattern and rising 12.25 cents or
4.32% to end at $2.95 3/4 a bushel.
A smaller supply of crude oil inventories helped
push crude oil and other energies higher in today’s trade. July crude oil
(
CLN2 |
Quote |
Chart |
News |
PowerRating) moved higher to $25.64 up 1.01 or 4.10%. July heating oil
(
HON2 |
Quote |
Chart |
News |
PowerRating) closed at .66 a barrel a 2.93 cent or 4.65% gain. Unleaded
gasoline for July
(
HUN2 |
Quote |
Chart |
News |
PowerRating) rose 2.60 cents or 3.46% to 77.70 cents
a gallon. And July natural gas
(
NGH2 |
Quote |
Chart |
News |
PowerRating) had a strong move against its
downturn trend, rising .25 or .33% to 76.65.
Precious metals were mixed, with gold and silver
giving back some of their gains from previous gains. August gold
(
GCQ2 |
Quote |
Chart |
News |
PowerRating)
dropped 2.70 to close at $318.39 an ounce. July silver dropped 8 cents or 1.635
to close down at $4.835 an ounce. And copper for July
(
HGN2 |
Quote |
Chart |
News |
PowerRating) was positive
at 76.65 a pound a gain of .33%.