The market indices had a difficult session for most of the session, until the last 30 minutes when news out of Europe exploded the indices. They were stair-stepping their way down in orderly channels all day, and were decidedly lower, until they spiked up, taking the Nasdaq 100 from 2555 to 2575, a 20-point pop in 30 minutes. The S&P 500 dropped 9 points in the same period of time, and closed at the afternoon highs on both going away at 2575 NDX, a new high for the last several months. The S&P 500 did not make new highs, but closed way off the lows.
Net on the day, the Dow was up 4.24 at 12,878.28, 100 points off its low. The S&P 500 was down 1.27 to 1350.50, and the Nasdaq 100 up 5.75 at 2575.24.
Advance-declines were about 19 to 11 negative on the New York Stock Exchange, and 16 to 9 negative on Nasdaq. Up/down volume was a little less than 2 to 1 negative on New York, with total volume of 725 million shares traded today. Nasdaq traded a little over 1.8 billion shares and had a 5 to 4 negative volume ratio.
They did come way back in the last half hour, but still closed substantially off the lows, and mixed on the day.
Stepping back and reviewing the hourly chart patterns, the indices stair-stepped their way lower all session, until the last 30 minutes when news out of Europe spiked them up to close mixed on the session.
We’ll see how significant that was and if there‘s a follow-through tomorrow.
No trades today.
Pretty busy with lots of economic new tomorrow so expect a muted market and little to know follow thru unless some numbers come back less than impressive.