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Market Daily Percent Change
Major Indices 10 day graph
Last Quote 7/03/09 13:59pm
NDX1446.28unch
DJI8280.74-223.32
SPX896.42 -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......

OEX

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%.

Crude

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.

SPX - 60 min

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