The day ends on a high note as the S&P 500 (SPX) finishes near its best levels of the day. The broad market indices all gained at least one percent and most groups were higher with the S&P Retail Index (RLX) and Broker/Dealer Index (XBD) the leaders. The US Oil Fund (USO) and Oil Service HOLDRS (OIH) were the standout decliners.
Today's broad market rally comes at an important time, given what we discussed on Friday -
"As far as my overall thoughts, I would say they still center on the daily chart below. Even with today's selling, the S&P 500 (SPX) is still holding at that support zone. There isn't much of a cushion at this point but I wouldn't call support broken. The action early next week will be critical. And that is where I will pick up on Monday."
We appear to be getting a bounce at former resistance which I would take as an encouraging sign that buyers are still willing and able to step in. And that is where I will pick up in the morning. Have a nice evening...
Chart Courtesy of Thomson Financial
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1403.6 |
15.3 points |
1.10 percent |
| Dow Jones Industrial Average (DJIA) |
12876.3 |
130 points |
1.02 percent |
| Nasdaq Composite (COMP) |
2488.5 |
43.0 points |
1.76 percent |
| Russell 2000 (RUT) |
733.2 |
13.2 points |
1.83 percent |
| CBOE Market Volatility Index (VIX) |
17.79 |
-1.62 points |
-8.4 percent |
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