What May Supply The Fuel
Yet another down day for the broader market
futures. The session began with a mixed to slightly firmer bias as the
semiconductor and healthcare sectors provided a bit of a lift. This
looked good for the June Nasdaq 100
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but surely began to weaken. With no news items or major breakout and a negative
bias, the Nasdaq 100 could not hold on and closed negative. The June Nasdaq 100
lost 1 point or .o8% to close at 1251. This is a 20-day new low. It could be a
Possible Turtle Soup Plus One Buy setup.
The June Dow Jones Industrial Average futures
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futures were progressing steadily lower most of the session. The Dow failed on
several occasions to pull itself back above the 200 day simple moving average
(9931) broken last week. The Dow futures gave up 49 points or .50% to end the
session at 9816.
The June S&P 500
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the lows from February. The S&Ps closed at 1064.90 down 7.09.
What could help prop this market back up?
Earnings season continues and a batch of economic reports this week may supply
some fuel. The Dow has now dropped seven out of the last nine sessions while the Nasdaq
Composite and the S&P 500 have fallen eight out of nine. While there are no concrete
signs yet of a turnaround, some things to keep in mind are the increased
possibility of some bargain-hunting because it’s the end and beginning of the
month. There is oversold technical posture and the fact that the Volatility
index
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at least short-term bottoms within negative trends several times last summer and
during the January/February decline. Also there are several positive
TradingMarkets.com Market Bias Indicators.
Today in metals, gold looked like a place to
turn to with the markets continued weakness, but some profit taking began
surfacing and caused the June gold
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gold lost .60 to end at $311.50 and ounce. May silver
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well, dropping 1.60 to 4.636. May copper
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pound.
June crude oil
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rose .46 or 1.70% to close at 27.57.
June heating oil
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unleaded gasoline
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gas
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In the grains July wheat
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today to hit a 20-day new low. July wheat closed at $2.65 a bushel down 1 1/2
cents. July soybeans
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a bushel. July corn
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bushel.