The market opened higher, but, quickly faded into the red. The market tried to bounce in the early afternoon, but, slid back some to the close. The Dow lost 220.86 points; SPX gave up 21.20 points; Nasdaq stumbled 42.65 points.
The big news today were, of course, record-high oil and gold! Oil prices topped $100 a barrel, while gold jumped above $860 an ounce for a 28-year high! The market was further pressured by a weaker-than-expected manufacturing data.
Let’s see how the market looked at the close:
INX2 (Internet), SOX (semiconductors), and SWH (software) were weak, while BTK managed a tiny gain. Investors poured money into commodities and related sectors today. GLD (gold) jumped +2.91%, while GDX (gold miners) soared +7.44%. USO (oil) added +3.58%; UNG gained +5.5%; and OIH (oil services) garnered +1.95%. FXI (Chinese ADRs) lost $2.50. PBW (clean energy) and MOO (agriculture) were slightly off.
SPX
SPX lost 21.20 points to close at 1447.16. It closed below its daily MAs and came close to testing the support level at 1440. Its daily MACD went a bit negative.
Nasdaq
Nasdaq gave up 42.65 points to close at 2609.63. It also closed under its daily MAs and under its support level at 2625. Its MACD is barely positive.
The market is again at a critical position. We’ll need to see a bounce from the market tomorrow to feel more comfortable. We’ll also being watching the support levels for the major indices. SPX‘s nearest support level is 1440; after that, it’s 1410, the level tested at the end of November. For Nasdaq, the November low was the 2550 level.
Today, AMZN received an upgrade to “Buy”. Its shares traded as high as $97.43 and closed at $96.25, up $3.61, or +3.9%. OIH broke above $190 today, closing at $192.70, up $3.68, or +1.95%. Among its top holdings, SLB, HAL, and RIG each gained about +2%. GLD reached above $85 today, a new ATH! ABX, mentioned this weekend in my Sector Watch, closed up nearly +10% today.
Good night and HappyTrading! ™
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