Option Investor
Market Updates

Still Down

Printer friendly version

Stocks are still seeing some selling, and the major indices are still sitting precariously close to support.

Dow Jones Industrial Daily Chart

The Dow is down for the third straight day, and has lost 313 points so far this week. Today's 116 point drop has put the index below the July 11th low at 10,120. If we close below that level, it might be time to start talking about the psychological 10,000 level, especially if 3M and United tech continue to lose over $2. Retailers Home Depot and Wal-Mart are also doing their part to drag the Dow lower. McDonalds and American Express are the only two Dow components in positive territory, and are up a combined 14 cents.

S&P 500 Daily Chart

The S&P 500 is down 0.96%, which is enough to drop the index below last weeks low at 1,153. Fitting a retracement between 1,090 and 1,177 gives us some possible support at 1,133, or perhaps the nice round number of 1,100. That's assuming that S&P is can't close above 1,153.

Russell 2000 Daily Chart

The Russell 2000 (RUT.X) is holding up better than the Dow or S&P 500, but is still down 0.20%. That keeps the Russell 2000 above support at 469 for now. With the Dow's drop today, RUT is one of the last index's that hasn't given up more than 50% of its April gains.

Jeffrey Canavan
Assistant Analyst

Intraday Update Archives