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After Monday’s big drop (the Dow lost over 200 points), the market came back up. It was on its way to recover Monday’s loss, until the last half-hour. Still, it was able to keep a modest gain. Financials led the sectors again: GS +5.53%; PRU +5.67%; PNC +9.62%; CME +5.11%. Elsewhere, SNDA added more than +7% today. SNDA has been strong since the early January, rising from $26 to almost $40 today. It is up +22% for the year so far!!
The Dow finished up +86.9 points; SPX added +10.34 points; Nasdaq gained +26.79 points:
XLF (financials) bounced back +5.51%. Commodities were mixed. OIH (oil services) was still weak, down 1.77%. Techs sectors were mostly in the green with SWH (software) gaving a strong showing, up +3.29%. FXI (Chinese ADRs) advanced +2.66%.
SPX
SPX lost 10.34 points to close at 797.87. It closed just below the 800 level. The MACD flattened.
Nasdaq
Nasdaq gained +26.79 points to close at 1528.59, above the 1500 level. Its 20-day MA crossed above the 30-day MA, forming a new bullish phase.
The market is struggling to keep this rally going. Techs are stronger, with Nasdaq coming back above 1500. SPX fought with the 800 level today, but, was not able close above. Both indices, however, are showing a newly formed bullish phase with the 20-day MA rising above the 30-day MA. This bullish phase is a bit precarious, though, as the market has gone quite far this month. It is difficult to judge from today’s buying actions as it was the last day of the quarter. Some “window-dressing” may have still been involved. We’ll have to see if the market can continue higher tomorrow. Another stronger day could discourage the bears from holding off their attacks a bit longer. SPX 800 is still an important level to stay above.
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