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Market Daily Percent Change
| NDX | 1274.49 | +11.97 |
| DJI | 9015.10 | +62.21 |
| SPX | 934.70 | +7.25 |
MARKET COMMENTARY: for Wednesday, 07-Jan-2008
Commentary posted 06-Jan-2008 at 16:30 CT
Tuesday's Action:
All three major U.S. indices finished with gains today, as a modest tone of near-term optimism rings through the markets. Major overseas markets have posted mostly higher results for Tuesday. London's FTSE was up 1.29%, Frankfurt's DAX closed up 0.85%, and Paris' CAC finished up 1.08%. Japan's Nikkei was up 0.42%, Hong Kong's Hang Seng closed down 0.35%, and Sydney's All Ordinaries Index finished down 1.38%. Market breadth was positive with NYSE advancing issues over declining issues by 3.41, and down volume over up volume by 5.21; Nasdaq advancing issues over declining issues by 3.34, and up volume over down volume by 12.19. Leading sectors were Hardware, +6.62% and Disk Drives, +5.75%. Laggards were Health Care, -1.45% and Utilities, -0.99%. Nasdaq 100 futures closed 6.00 pts higher to settle at 1271.00, while the S&P's settled 3.10 pts higher at 930.50.The Short Term Outlook; 1-5 Days:
Today's price action favors making lower lows tomorrow.
The Hourly Charts:
The OEX could encounter support around the RSI-50% level. We'll see........
Futures Market Focus:
Crude oil for February delivery gave up 23 cents, or 0.5%, to finish at $48.58 per barrel. Earlier, the contract touched a session high of $50.47 per barrel.
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 936 and then 948. Support lies at 920 and then 914.
Wednesday's Reports:
Crude oil inventories are due at 10:35 ET.Charts and data appearing in today's column are courtesy of:
StockCharts.com
FutureSource.com
SchaeffersResearch.com