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Market Daily Percent Change
| NDX | 1446.28 | unch |
| DJI | 8280.74 | -223.32 |
| SPX | 896.42 | -26.91 |
MARKET COMMENTARY: for Wednesday, 01-July-2008
Commentary posted 30-Jun-2008 at 15:50 CT
Tuesday's Action:
Stocks came off session lows but still closed with losses for the day; however, major U.S. indices finished higher for the second quarter. Major overseas markets have posted mostly lower results for Tuesday. London's FTSE was down 1.04%, Frankfurt's DAX closed down 1.56%, and Paris' CAC finished down 1.67%. Japan's Nikkei was up 1.79%, Hong Kong's Hang Seng closed down 0.81%, and Sydney's All Ordinaries Index finished up 1.68%. Market breadth was negative with NYSE declining issues over advancing issues by 1.41, and down volume over up volume by 2.10; Nasdaq declining issues over advancing issues by 1.80, and down volume over up volume by 10.67. Leading sectors were Paper, +4.06% and REITs, +0.64%. Laggards were Gold, -3.22% and Hospitals, -2.39%. Nasdaq 100 futures closed 5.25 pts lower to settle at 1476.25, while the S&P's settled 5.70 pts lower at 915.50.The Short Term Outlook; 1-5 Days:
Today's price action favors making higher highs tomorrow.
The Hourly Charts:
The OEX may encounter support around the RSI-50% level. We'll see......
Futures Market Focus:
Crude for August delivery ended the session with a deficit of $1.60, or 2.2%, at $69.89 per barrel. However, oil futures finished the month on a high note, adding $3.58, or 5.4%. In the second quarter, black gold gained an impressive $20.23, or 31%.
Wednesday's Look-Ahead:
The 60-mn SPX chart below shows the StochRSI indicator in the BUY zone. For tomorrow, resistance for the S&P's comes in at 920 and then 925. Support lies at 907 and then 902.
Wednesday's Reports:
Construction Spending, ISM Index and Pending Home Sales are all due at 10:00 ET.Charts and data appearing in today's column are courtesy of:
StockCharts.com
FutureSource.com
SchaeffersResearch.com