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Market Daily Percent Change
| NDX | 1918.96 | +1.61 |
| DJI | 10592.88 | +25.55 |
| SPX | 1147.36 | +1.75 |
MARKET COMMENTARY: for Wednesday, 10-Mar-2010
LAST UPDATED:
Tuesday's Action:
U.S. stocks held gains into the close today with only the AMEX suffering losses as dollar strength sent commodities lower. Investors will look to tomorrow's economic releases for more direction.Market breadth was positive with NYSE advancing issues over declining issues by 1.28, and up volume over down volume by 1.85; Nasdaq advancing issues over declining issues by 1.34, and up volume over down volume by 2.60.
Leading sectors were Airlines, +2.91% and Telecoms, +1.19%. Laggards were Disk Drives, -0.66% and Oil Services, -0.60%. Nasdaq 100 futures closed 13.00 pts higher to settle at 1901.25, while the S&P's settled 3.40 pts higher at 1140.50.
The Short Term Outlook; 1-5 Days:
Today's price action favors making higher highs tomorrow.
The Hourly Charts:
The OEX may encounter resistance around the RSI-70% level. We'll see......
Futures Market Focus:
Crude futures edged moderately lower today, retreating from their recently tapped eight-week high. Commodity players eyed a stronger U.S. dollar, which made dollar-denominated black gold less attractive to holders of foreign currencies. Additionally, traders considered the potentially bearish ramifications of tomorrow's inventories report, with analysts surveyed by Reuters forecasting a sixth consecutive weekly increase in crude supplies. By the close, crude oil for April delivery gave up 38 cents, or 0.5%, to end at $81.49 per barrel.
Tomorrow's Look-Ahead:
The 60-mn SPX chart below shows that the StochRSI indicator is in the BUY zone. For tomorrow, resistance for the S&P's comes in at 1154 and then 1148 and then 1144 and then 1143. Support lies at 1138 and then 1137 and then 1133 and then 1127.