Triggers…
The futures pre-market indicators showed strong
signs of a mixed opening, but a surprise report from Cisco Systems
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triggered a reversal in attitude leading to the solid opening. Added to that was
the fact that Tyco International
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punished for accounting worries, put together a recovery rally, also
helping to provide a spark. However, from mid-session onward, the market drifted
lower, with the major averages all extending their losing streaks to four
sessions.Â
The March Dow futures
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off of a 9670 open, climbing up to 9725. However, it could not hold on, and slid
downward, closing at 9645. March futures moved higher earlier in the year,
establishing a resistance level at 10183. A short-term resistance point would be
9935. Key support is at 9517 and the second support level is 9354.
The March S&P 500 futures
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had a range today of 1077.00 – 1093.500 and is still trading below its
resistance level of 1100, but above its first and secondary support lines at
1074 and 1050.
The March Nasdaq 100
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1451.50, down 10.50. Initial support is at 1418 and secondary support is at
1368. The overhead resistance is at 1507.
In the precious metals, April gold
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had a big rally to 309.00 an ounce and then retreated back to 298.00 to close
down 1.10. Gold has a tendency to fall hard once it has a fast rally. March
Silver
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then fell back to close at its lows at 436. March copper
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a narrow trading day, trading between 72.45 and 73.30.
Crude oil futures edged up in midday trading
Wednesday after mixed reports of supply data were released Tuesday afternoon.
March crude oil closed near its lows today after it opened lower at 19.90 and
then rallied close to its resistance level. Crude then pulled back to close near
the lows at 19.78. March heating oil
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traded in a range between 52.50-54.50. March unleaded gasoline
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1.42 to close at 57.10.